Crypto Market Continues to Decline Amid Weak Demand

Written by Ohris M. Greyoon, Blockchain & Crypto Expert

Source: Coinmarketcap

Updated: 3d ago

BTC+3.819%

SOL+2.971%

UNI+2.016%

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Market Capitalization Decline: The total cryptocurrency market capitalization has decreased by 4.4% to $2.35 trillion, reflecting a lack of investor confidence that could lead to further selling pressure.
Bitcoin Price Fluctuations: Bitcoin has fallen 5.5% in the past 24 hours to $73,103, breaking through the $75,000-$78,000 support range, with analysts watching $70,000 as the next critical test level.
Forced Liquidation Impact: Due to margin calls faced by highly leveraged traders, $650 million in total liquidations occurred, with long positions accounting for $520 million, exacerbating downward market pressure.
Liquidity Risk Intensification: With hawkish signals from the Federal Reserve and risk-averse sentiment, institutional inflows have weakened, leaving the short-term outlook for the crypto market cautious and potentially leading to further price declines.

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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 4 technical signals, shows that 1 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	36469.337	48234.669	61205.087	72970.419	85940.837	97706.169	110676.587
Fibonacci	48234.669	57683.725	63521.362	72970.419	82419.475	88257.112	97706.169

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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