Bitcoin Faces Key Support Pressure Amid Bearish Trends
- Price Rejection: Bitcoin was rejected in the $94,000 to $98,000 range, confirming a bearish trend with the current price around $88,000, and analysts predict a potential 22% decline towards $70,000.
- Support Levels Monitoring: Analysts are tracking support levels at $80,000, $75,000, and $70,000, with the trend remaining bearish unless the price regains above $92,000.
- Market Sentiment Impact: Bitcoin has fallen over 6% in the past week, and despite a slight recovery of under 1% in the last 24 hours, it remains near its lowest point in a month, as the market awaits decisions from the Federal Reserve and earnings reports from major tech companies.
- Technical Indicator Analysis: The 50-day simple moving average near $90,000 acts as resistance, with over $50 million in liquidity above that level making it difficult for bulls to regain control, while short-term holders face selling pressure with a cost basis above $96,000.
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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 3 technical signals, shows that 0 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 stock.
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 | 36099.581 | 48049.791 | 60369.601 | 72319.811 | 84639.621 | 96589.831 | 108909.641 |
| Fibonacci | 48049.791 | 57320.938 | 63048.663 | 72319.811 | 81590.958 | 87318.683 | 96589.831 |
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