Bitcoin's Recovery Path: Will CME Gaps Be Closed?
- CME Gap Prediction: Market analyst James Bull projects a 78% likelihood that Bitcoin will close the CME gap within the next three weeks; should Bitcoin's price decline further, significant losses for altcoins could ensue, dampening market expectations.
- Historical Trend Analysis: Historically, Bitcoin has never faced a downtrend longer than four months over the past seven years, and it is expected to end February on a stronger note, despite losing its previous all-time high support after the 2022 FTX collapse.
- Altcoin Market Risks: Miles Deutscher highlights that recent liquidation volumes have surpassed $2.5 billion, indicating heightened market volatility, and investors should be cautious about altcoin performance, especially following the impacts of the FTX and LUNA incidents.
- Investment Strategy Adjustment: Ran Neuner advises investors to sell altcoins, noting that while these tokens may appear 'cheap' due to a 70-90% drop, cheapness does not equate to undervaluation, as many altcoins failed to recover historically, prompting a reevaluation of holding strategies.
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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 | 36142.556 | 48071.278 | 60412.576 | 72341.298 | 84682.596 | 96611.318 | 108952.616 |
| Fibonacci | 48071.278 | 57342.426 | 63070.15 | 72341.298 | 81612.446 | 87340.17 | 96611.318 |
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