Bitcoin Correction Sets New Cycle Record
- Record Correction Length: Analyst Darkfost noted that Bitcoin's correction has exceeded 237 days, setting a new cycle record, although this duration remains shorter than corrections seen in previous bear markets, indicating increased market volatility.
- Bearish Strategy Maintained: Analyst Doctor Profit continues his bearish strategy, holding multiple short positions opened between $115,000 and $125,000, and indicated a preference for additional entries in the $80,000 to $85,000 range, reflecting expectations for further downside.
- Economic Data in Focus: Market participants are closely monitoring upcoming economic data releases, including ISM Manufacturing PMI on June 2, ADP Employment data on June 4, and Nonfarm Payrolls on June 6, which could influence Federal Reserve policy decisions.
- Market Stage Analysis: Doctor Profit stated that Bitcoin is currently in Stage 4 of his six-stage bear market model, with a potential transition to Stage 5 if it breaks below $60,000, while his projected bottom range remains between $40,000 and $50,000, suggesting ongoing downside risks.
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Technical Analysis for BTC
Technical Sentiment Analysis for Bitcoin (BTC). As of , Bitcoin (BTC) is exhibiting a Sell technical sentiment. Our proprietary analysis, which aggregates 4 technical signals, shows that 1 indicators are flashing buy, while 3 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status. Currently, the Relative Strength Index (RSI) for BTC stands at -, which suggests a Neutral condition. Meanwhile, the MACD (12, 26) indicator is at -, providing a Neutral signal for short-term momentum. Other oscillators like the Stochastic Oscillator at - and the Commodity Channel Index (CCI) at - further confirm a - outlook for the crypto.
Support, Resistance & Moving Averages. From a structural perspective, BTC is trading below its 60-day moving average of $- and below its 200-day long-term moving average of $-. Key price levels to watch include the immediate resistance at $- and strong support at $-. A break above $- could signal a bull continuation, while falling below $- may test the next Fibonacci floor at $-.
Bitcoin (BTC) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 54053.924 | 56592.417 | 59685.784 | 62224.277 | 65317.644 | 67856.137 | 70949.504 |
| Fibonacci | 56592.417 | 58743.788 | 60072.906 | 62224.277 | 64375.648 | 65704.766 | 67856.137 |
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