Bitcoin Faces Critical Support Levels Amid Bearish Signals
- Short-term Downside Risk: Analysts have identified a head and shoulders pattern on Bitcoin's four-hour chart, targeting a price of $57,500; breaching this support could lead to further declines, impacting market sentiment and increasing pressure for a weaker Q2 close.
- Critical Support Analysis: Currently priced around $62,150, Bitcoin has slipped below the rising neckline at $63,000 and the significant 200-period weekly moving average at $62,450; failing to hold the $59,300 support could trigger a more substantial downturn.
- Long-term Trend Observation: Bitcoin is positioned near the lower boundary of a long-standing regression channel, indicating that despite the bearish trend, investors are still seeking significant support; a recovery above $65,500 could signal weakening bearish control.
- Potential Rebound Opportunity: If buyers manage to reclaim the neckline and push prices above the right shoulder, Bitcoin could target $71,000, suggesting a possible local bottom and improving market sentiment.
Get Real-Time Alerts for Any Crypto Movement
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 5 technical signals, shows that 1 indicators are flashing buy, while 4 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 | 56172.305 | 59055.153 | 61526.455 | 64409.303 | 66880.605 | 69763.453 | 72234.755 |
| Fibonacci | 59055.153 | 61100.438 | 62364.017 | 64409.303 | 66454.588 | 67718.167 | 69763.453 |
About BTC
About the author
