Bitcoin Price Plummets to $60,500 Amid Market Turmoil
- Market Crash Intensifies: Bitcoin's price plummeted to $60,500 this week, marking its lowest level since October 2024, which has led to a total market capitalization drop to $2.2 trillion, reflecting worsening global economic concerns and investor sentiment.
- Geopolitical Impact: Rising tensions between the U.S. and Iran have added uncertainty to the market, with both sides issuing warnings that could affect the region and potentially oil prices, despite no confirmed reports of military action, increasing market volatility.
- Investor Sentiment Shift: As investors rotate from risk assets to value assets, the tech-heavy Nasdaq 100 Index has slumped while value ETFs like the Vanguard Value ETF and Schwab US Dividend ETF have soared to record highs, indicating a reassessment of risk in the market.
- Technical Indicators Suggest Rebound: Bitcoin's Relative Strength Index has dropped to 27, entering oversold territory for the first time since November 2022, historically indicating that Bitcoin tends to rebound when reaching such levels, suggesting a potential market reversal is on the horizon.
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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 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 | 36469.337 | 48234.669 | 61205.087 | 72970.419 | 85940.837 | 97706.169 | 110676.587 |
| Fibonacci | 48234.669 | 57683.725 | 63521.362 | 72970.419 | 82419.475 | 88257.112 | 97706.169 |
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