Bitcoin Selling Pressure Eases, Market Shifts

Written by Ohris M. Greyoon, Blockchain & Crypto Expert

Source: Coinmarketcap

Updated: 1 hour ago

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Signal of Seller Exhaustion: Analysts indicate that after Bitcoin fell below $60,000, on-chain data suggests seller fatigue, with the market transitioning into a late-stage capitulation phase that may set the stage for a rebound.
Accelerated Loss Realization: In the first week of June, Bitcoin's daily realized losses reached $1.35 billion, indicating that previous buyers rapidly turned into sellers as prices declined, reflecting a sharp shift in market sentiment.
Impact of Macroeconomic Conditions: Although current loss levels confirm deep bear market conditions, improvements in macroeconomic factors may provide support, particularly amid easing geopolitical tensions.
Demand-Driven Challenges: Analysts stress that despite a short-term market recovery, Bitcoin's upward movement still faces challenges due to insufficient demand, with liquidity conditions being a critical factor for future price trends.

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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 6 technical signals, shows that 2 indicators are flashing buy, while 4 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	54308.346	57531.673	60845.496	64068.823	67382.646	70605.973	73919.796
Fibonacci	57531.673	60028.864	61571.632	64068.823	66566.014	68108.782	70605.973

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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