Analyst Foresees Ongoing Decline in Bitcoin Value
Bitcoin Price Decline: Bitcoin's price has dropped to $85,314, raising concerns among risk-averse investors, while altcoins have experienced even greater losses. Despite Coinbase's introduction of stock trading features, the overall sentiment in the cryptocurrency market remains negative heading into January.
Crypto Oracle's Predictions: Analyst Roman Trading, known for accurate predictions, warns that Bitcoin may fall below $76,000, emphasizing that recent price bounces are often followed by sell-offs. He cautions investors against being misled by optimistic signals.
Impact of Japan's Interest Rate Decision: The Bank of Japan is expected to announce a 25 basis points rate increase, which could disrupt carry trades and negatively impact risk market investments, including cryptocurrencies. Historical precedents suggest that such rate changes have previously led to declines in crypto prices.
Upcoming Economic Data: Key US inflation data is set to be released, with predictions at 3.1%, while the European Central Bank is expected to maintain its current rates. Analysts are closely monitoring these developments, as they could significantly influence market conditions for cryptocurrencies.
Get Real-Time Alerts for Any Crypto Movement
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 | 36118.443 | 48059.221 | 60388.463 | 72329.241 | 84658.483 | 96599.261 | 108928.503 |
| Fibonacci | 48059.221 | 57330.369 | 63058.094 | 72329.241 | 81600.389 | 87328.114 | 96599.261 |
About BTC
About the author
