Bitcoin's Daily Low Raises Alarm Among Cryptocurrency Traders
Bitcoin Price Decline: Bitcoin's price has dropped to a daily low of $122,568, ending its recent upward trend, with concerns that a further decline could lead to prices falling below $120,000.
Impact on Altcoins: The drop in Bitcoin's price may negatively affect altcoins, as traders anticipate a potential sell-off to buy altcoins at lower prices, amidst bearish trends in the stock market and ongoing macroeconomic uncertainties.
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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 | 36103.299 | 48051.65 | 60373.319 | 72321.67 | 84643.339 | 96591.69 | 108913.359 |
| Fibonacci | 48051.65 | 57322.797 | 63050.522 | 72321.67 | 81592.817 | 87320.542 | 96591.69 |
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