Bitcoin Struggles to Sustain Momentum: Current Trends in Cryptocurrency
Bitcoin's Current Performance: Bitcoin has struggled to maintain the $90,000 level after losing the $98,000 support, remaining confined to a narrow range with low volatility and a potential negative trend as it approaches year-end.
Market Activity and ETF Inflows: On Friday, Bitcoin ETF inflows were around $50 million, while Ether ETFs saw $19.4 million in outflows, indicating weak interest and low market activity as the cryptocurrency market awaits a price catalyst.
Altcoin Performance: The weekend was largely uneventful for altcoins, with only MemeCore and MERL showing notable gains, while most others experienced losses, reflecting a quiet market with low trading volumes.
Future Outlook: The cryptocurrency market is expected to remain stagnant until significant price movements occur, particularly if Bitcoin can break out of its current range around $94,000 or $88,000.
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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 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 |
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