Bitcoin Market Pullback Raises Concerns
- Market Sell-off Pressure: Bitcoin's price fell to $61,000 this week, marking recent lows primarily due to outflows from US spot Bitcoin ETFs, liquidations in leveraged trading, and a general flight from risky assets, putting overall market pressure.
- Liquidation of Leveraged Positions: According to Bitcoin System Liquidation data, a significant number of leveraged positions were liquidated recently, with the closure of mostly long positions exacerbating the market decline, indicating that the pullback was driven not only by spot sales but also by forced liquidations.
- Weak Coinbase Index: The Coinbase Premium Index remains in negative territory, suggesting that US investors and institutions lack strong buying appetite in the short term, particularly in light of spot ETF outflows, making this weakness a key indicator explaining Bitcoin's limited recovery.
- Cautious Investor Behavior: The net inflow of Bitcoin to exchanges indicates that investors are cautious in the short term, with increased inflows typically interpreted as strengthening selling pressure, while outflows suggest a tendency to hold BTC, as the market continues to search for a clear direction.
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Technical Analysis for ETH
Technical Sentiment Analysis for Ethereum (ETH). As of , Ethereum (ETH) 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 ETH 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, ETH 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 $-.
Ethereum (ETH) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 1186.956 | 1346.318 | 1501.776 | 1661.138 | 1816.596 | 1975.958 | 2131.416 |
| Fibonacci | 1346.318 | 1466.579 | 1540.877 | 1661.138 | 1781.399 | 1855.697 | 1975.958 |
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