Bitcoin Price Confirms Bullish Divergence Amid Liquidations
- Bullish Technical Indicators: Bitcoin's daily chart reveals a bullish divergence in the Relative Strength Index (RSI), indicating a potential trend reversal or relief rally despite ongoing price declines, which enhances market confidence in Bitcoin.
- Positive MACD Signal: The MACD line has just crossed above the signal line, further confirming an incoming bullish trend, suggesting that bulls are starting to assert dominance, potentially driving prices higher.
- Key Resistance Levels: Bitcoin faces resistance around $71,000, and a decisive break above this level could lead to a reclaim of the $75,000 support area; conversely, a drop below $65,000 could validate the downtrend, leading to a potential retracement to $60,000.
- Market Liquidation Pressure: In the past 24 hours, nearly $300 million has been liquidated across the crypto market, with Bitcoin alone accounting for over $75 million, indicating that persistent liquidations may exert pressure on Bitcoin's price in the upcoming sessions.
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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 4 technical signals, shows that 1 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 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 | 57863.631 | 61431.815 | 64300.451 | 67868.635 | 70737.271 | 74305.455 | 77174.091 |
| Fibonacci | 61431.815 | 63890.681 | 65409.77 | 67868.635 | 70327.501 | 71846.59 | 74305.455 |
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