Bitcoin Dominance Prints Death Cross for First Time in Over 5 Years
- Bitcoin Price Plunge: Over the past 24 hours, Bitcoin's price dropped dramatically from $73,900 to $67,200, resulting in a total market liquidation of $1.30 billion, indicating extreme bearish sentiment that could undermine investor confidence.
- Death Cross Signal: The Bitcoin dominance chart has printed a death cross for the first time in over five years, signaling a potential entry into a bear market phase, with analysts widely predicting further declines towards a $40,000 low, reflecting concerns about future price movements.
- Bullish Altseason Ahead: Despite the pressure on Bitcoin, analysts believe this could pave the way for an altseason, with certain altcoins like HYPE, NEAR, and FET already showing profit potential, which may attract investor interest.
- Divergent Market Sentiment: While bearish analysts hold a pessimistic view on Bitcoin's future, bullish analysts suggest that Bitcoin is setting higher price bottoms, indicating the possibility of new all-time highs in the coming months, showcasing optimism towards altcoins in the market.
Get Real-Time Alerts for Any Crypto Movement
Technical Analysis for BASED
Technical Sentiment Analysis for Based (BASED). As of , Based (BASED) is exhibiting a Sell technical sentiment. Our proprietary analysis, which aggregates 6 technical signals, shows that 2 indicators are flashing buy, while 4 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status. Currently, the Relative Strength Index (RSI) for BASED 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, BASED 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 $-.
Based (BASED) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 0.0311 | 0.0445 | 0.0564 | 0.0698 | 0.0817 | 0.095 | 0.107 |
| Fibonacci | 0.0445 | 0.0542 | 0.0601 | 0.0698 | 0.0794 | 0.0854 | 0.095 |
About BASED
About the author
