Bitcoin Struggles to Maintain Position Amid Decreasing Trading Volumes
Bitcoin's Struggle to Maintain Value: Bitcoin (BTC) is facing challenges in holding the $90,000 mark due to decreased trading volumes and a lack of support from ETFs, with recent attempts to test resistance levels proving unsuccessful.
Market Dynamics and Investor Sentiment: Investor reluctance in ETFs and spot markets is evident, compounded by the expiration of a significant options contract, leading to expectations of a subdued market outlook until the upcoming Fed meeting.
Current State of Other Cryptocurrencies: Other cryptocurrencies like AVAX, SOL, and XRP are experiencing mixed performance, with some altcoins showing gains while others, like ZEC and MemeCore, are facing significant losses.
Overall Market Performance: The last 24 hours have been unfavorable for cryptocurrencies, with many major coins lagging behind Bitcoin in weekly gains, highlighting a general trend of volatility and profit-taking in the market.
Get Real-Time Alerts for Any Crypto Movement
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 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 | 36072.728 | 48036.364 | 60342.748 | 72306.384 | 84612.768 | 96576.404 | 108882.788 |
| Fibonacci | 48036.364 | 57307.512 | 63035.236 | 72306.384 | 81577.532 | 87305.256 | 96576.404 |
About BTC
About the author
