Bitcoin Traders Price 75% Chance of Hitting $70K Before $90K

Written by Ohris M. Greyoon, Blockchain & Crypto Expert

Source: Coinmarketcap

Updated: 2 days ago

BTC+0.384%

ALT-5.845%

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Weakening Market Sentiment: Polymarket indicates that traders are pricing a 75% chance Bitcoin will hit $70,000 before reaching $90,000, reflecting a decline in short-term risk appetite and a bearish market sentiment.
ETF Outflow Pressure: U.S. spot Bitcoin ETFs recorded $105.2 million in net outflows on May 22, with BlackRock's IBIT losing $68.9 million and Fidelity's FBTC losing $36.3 million, leading to sustained weakness in institutional demand and exacerbating downward pressure on the market.
Technical Support Levels: Bitcoin is currently trading around $75,350, and a break below the intraday low of $74,300 would strengthen the bearish outlook towards $70,000, potentially triggering further liquidations and selling pressure.
Monitoring Market Dynamics: Traders need to closely watch whether Bitcoin can hold the $74,000 to $75,000 range; a rebound above $77,000 could shift market perceptions and impact overall liquidity significantly.

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Technical Analysis for BTC

Technical Sentiment Analysis for Bitcoin (BTC). As of , Bitcoin (BTC) is exhibiting a Strong sell technical sentiment. Our proprietary analysis, which aggregates 5 technical signals, shows that 0 indicators are flashing buy, while 5 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	70328.555	72309.078	74638.945	76619.468	78949.335	80929.858	83259.725
Fibonacci	72309.078	73955.647	74972.899	76619.468	78266.037	79283.289	80929.858

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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