NBA Icon Scottie Pippen Remains Optimistic Despite Bitcoin Decline
Scottie Pippen's Advice: NBA legend Scottie Pippen encourages Bitcoin investors to remain calm amid a significant price drop, urging them not to panic as the cryptocurrency market experiences volatility.
Bitcoin's Price Decline: Following an all-time high of $126,296, Bitcoin's price fell sharply to $107,000, marking a three-day losing streak and the largest single-day open interest wipeout in Bitcoin futures history.
Long-Term Holders Selling: Recent data indicates that long-term Bitcoin holders sold approximately 240,000 BTC in the past month, a trend often seen at major cycle peaks when early investors take profits.
Market Outlook: Analysts suggest that while Bitcoin has shown slight recovery, the critical support level to watch is $100,000, as falling below this could indicate the end of the current bull cycle and lead to a prolonged downturn.
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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 | 36012.686 | 48006.343 | 60282.706 | 72276.363 | 84552.726 | 96546.383 | 108822.746 |
| Fibonacci | 48006.343 | 57277.491 | 63005.215 | 72276.363 | 81547.511 | 87275.235 | 96546.383 |
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