Bitcoin Faces Risk of Fourth Consecutive Monthly Loss
- Increased Market Uncertainty: The looming threat of another U.S. government shutdown has stalled progress on the CLARITY Act, significantly dampening momentum in Bitcoin and the broader crypto market, with sentiment oscillating between fear and extreme fear.
- Emerging Historical Pattern: Bitcoin's correction of approximately 30% from last October's highs is within historical norms for bull market corrections, yet a close below $87.8K this month would mark the first four consecutive monthly losses since 2018, potentially triggering further selling pressure.
- Shift in Market Participants: Unlike in 2018, the composition of Bitcoin's market participants has shifted significantly, with institutional investors like Blackrock and Fidelity entering the space, which has increased Bitcoin's market capitalization and altered price influence dynamics.
- Key Support Level Watch: Investors are closely monitoring the $87.8K support level, as a close below this threshold could lead to deeper downside momentum, with low trading volume indicating a market driven more by exhaustion than conviction.
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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 | 36142.556 | 48071.278 | 60412.576 | 72341.298 | 84682.596 | 96611.318 | 108952.616 |
| Fibonacci | 48071.278 | 57342.426 | 63070.15 | 72341.298 | 81612.446 | 87340.17 | 96611.318 |
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