Bitcoin Dips Below $77,000, Bears Take Control
- Market Trend Shift: Bitcoin's price dipping below $77,000 indicates a strengthening bear market, with Glassnode highlighting the historical mean of $78,300 as a dividing line between bull and bear regimes; a sustained drop below this level could suggest the recent rally was merely a local top within the ongoing bear market.
- Institutional Selling Pressure: The sharp decline in the Coinbase premium signals that large holders are selling, which could negatively impact near-term price momentum across major crypto assets, as noted by LVRG research director Nick Ruck, raising concerns about market stability.
- Critical Support Level Analysis: The critical support level for Bitcoin is at $76,000, and a close below this level would signal an advantage for bears, increasing the risk of a drop to lower support levels, which could attract buyers but also heighten market volatility.
- Bullish Counterattack Timing: Bulls must maintain Bitcoin's price above the 20-day EMA to regain control; if successful, the BTC/USDT pair may aim for $82,000, with a longer-term target of $84,000, indicating a potential recovery path if the upward momentum is sustained.
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Technical Analysis for BCH
Technical Sentiment Analysis for Bitcoin Cash (BCH). As of , Bitcoin Cash (BCH) is exhibiting a Buy technical sentiment. Our proprietary analysis, which aggregates 8 technical signals, shows that 5 indicators are flashing buy, while 3 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status. Currently, the Relative Strength Index (RSI) for BCH 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, BCH 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 Cash (BCH) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 233.647 | 283.573 | 328.347 | 378.273 | 423.047 | 472.973 | 517.747 |
| Fibonacci | 283.573 | 319.749 | 342.098 | 378.273 | 414.449 | 436.798 | 472.973 |
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