Bitcoin Records Worst Weekly Performance Since FTX Collapse
- Market Uncertainty Intensifies: Bitcoin's performance last week marked its worst since the 2022 FTX collapse, highlighting growing investor concerns over macroeconomic conditions that triggered renewed selling pressure across digital assets.
- Significant Increase in Trading Volume: The recent sell-off saw trading volumes surge as market participants adjusted their positions to manage risk, reflecting heightened sensitivity to market volatility, particularly among risk-sensitive assets.
- Focus on Technical Support: Market participants are closely monitoring Bitcoin's technical support levels and institutional activity for potential rebound signals, although ongoing uncertainty may lead to further volatility, with shifts in investor sentiment directly impacting price movements.
- Long-Term Investor Confidence: Despite the recent decline, many long-term investors continue to view Bitcoin as a key asset in the digital economy, as historical downturns have often been followed by recoveries, although the timing and strength of any rebound remain uncertain.
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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 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 | 53944.632 | 56537.771 | 59578.042 | 62171.181 | 65211.452 | 67804.591 | 70844.862 |
| Fibonacci | 56537.771 | 58689.734 | 60019.218 | 62171.181 | 64323.144 | 65652.628 | 67804.591 |
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