Crypto Market Declines Amid Uncertainty
- Market Downtrend: The crypto market fell nearly 3% on Thursday, dropping to $2.35 trillion due to macroeconomic uncertainty and geopolitical tensions that spooked investors, with Bitcoin (BTC) declining 3.5% to around $65,900 before partially recovering above $66,700.
- Liquidation Wave Impact: The latest market slide triggered a liquidation wave, with total open interest falling by 0.71%, and over $224 million worth of positions liquidated in the past 24 hours, approximately $164 million of which came from long positions, highlighting market fragility.
- Investor Sentiment Deterioration: The crypto fear and greed index remains in extreme fear territory, reflecting investor anxiety over potential interest rate hikes, particularly as the Fed may adopt a hawkish stance, undermining the credibility of crypto as a safe-haven asset.
- Lack of Institutional Interest: Data shows that 12 spot Bitcoin ETFs have recorded five consecutive weeks of outflows totaling over $3.6 billion, indicating a lack of interest from institutional investors in crypto ETFs, which further weakens market stability and increases the risk of sudden sell-offs.
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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 4 technical signals, shows that 0 indicators are flashing buy, while 4 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 | 59195.073 | 62156.536 | 65060.073 | 68021.536 | 70925.073 | 73886.536 | 76790.073 |
| Fibonacci | 62156.536 | 64396.966 | 65781.106 | 68021.536 | 70261.966 | 71646.106 | 73886.536 |
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