Bitcoin Holds Firm Above $57K, Top Cryptos See Red

Written by Ohris M. Greyoon, Blockchain & Crypto Expert

Source: Coinmarketcap

Updated: May 03 2024

BTC+0.974%

GARI+0.11%

JOE-2.03%

Should l Buy BTC?

Bitcoin Resilience: Bitcoin (BTC) remains stable above $57K despite market decline, showing resilience.
Top Gainers: Gari Network (GARI), Celsius (CEL), and Joe Coin (JOE) experience significant surges, emerging as top gainers.
Investor Sentiment: Regulatory uncertainties and Fear & Greed Index impact investor sentiment, leading to cautious optimism.
Market Landscape: Bitcoin's trading landscape is volatile with the cryptocurrency hovering above $57,000, while other top-10 cryptos like TON, BNB, and DOGE see declines.
CryptoRank Insights: CryptoRank's analysis highlights a mix of optimism and caution in the current market, emphasizing Bitcoin's stability amidst fluctuations.

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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	36103.034	48051.517	60373.054	72321.537	84643.074	96591.557	108913.094
Fibonacci	48051.517	57322.665	63050.389	72321.537	81592.685	87320.409	96591.557

About BTC

Bitcoin is a decentralized cryptocurrency originally described in a 2008 whitepaper by a person, or group of people, using the alias Satoshi Nakamoto. It was launched soon after, in January 2009.Bitcoin is a peer-to-peer online currency, meaning that all transactions happen directly between equal, independent network participants, without the need for any intermediary to permit or facilitate them. Bitcoin was created, according to Nakamoto’s own words, to allow “online payments to be sent directly from one party to another without going through a financial institution.”Some concepts for a similar type of a decentralized electronic currency precede BTC, but Bitcoin holds the distinction of being the first-ever cryptocurrency to come into actual use.

About the author

Ohris M. Greyoon

Ohris M. Greyoon holds a Master’s in Computer Science from MIT and has 10 years of experience in blockchain technology and cryptocurrency markets. A pioneer in decentralized finance (DeFi) analysis, he leads Intellectia’s Crypto News, offering cutting-edge insights into digital assets.

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