U.S. Inflation Data Pressures Crypto Market
- Market Capitalization Decline: The total crypto market capitalization dropped approximately 1.6% over the past 24 hours to around $2.58 trillion, reflecting deteriorating investor sentiment due to rising macroeconomic uncertainty.
- Bitcoin Price Volatility: Bitcoin fell below the critical $80,000 psychological level, sliding from this week's high of $82,300 to an intraday low of $79,600 before slightly recovering to $79,800, indicating the fragility of market support.
- ETF Outflows: U.S. spot Bitcoin ETFs recorded roughly $635 million in net outflows in a single session, signaling a cooling of institutional demand and exacerbating selling pressure across the market.
- Macroeconomic Impact: The U.S. Producer Price Index surged 6% year-over-year, significantly above market expectations, raising concerns that the Federal Reserve may maintain elevated interest rates, which negatively impacts liquidity and investor confidence in cryptocurrencies.
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Technical Analysis for BTC
Technical Sentiment Analysis for Bitcoin (BTC). As of , Bitcoin (BTC) is exhibiting a Buy technical sentiment. Our proprietary analysis, which aggregates 6 technical signals, shows that 4 indicators are flashing buy, while 2 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 | 72968.422 | 75304.211 | 77807.742 | 80143.531 | 82647.062 | 84982.851 | 87486.382 |
| Fibonacci | 75304.211 | 77152.831 | 78294.911 | 80143.531 | 81992.151 | 83134.231 | 84982.851 |
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