Bitcoin Declines Amid Investor Fear; Ethereum, Dogecoin, XRP, and SOL Also Drop: Analyst Anticipates Further Declines but Foresees a Bullish September
Market Decline: Leading cryptocurrencies experienced significant drops, with Bitcoin falling below $113,000 and Ethereum dropping nearly 14% from recent highs, as "Fear" sentiment dominated the market.
Institutional Selling Pressure: Bitcoin spot exchange-traded funds saw outflows increase to $523.31 million, indicating heightened selling pressure from institutions, while over $456 million in long positions were liquidated in the last 24 hours.
Tech Sector Impact: Major tech stocks like Nvidia and AMD also faced declines, contributing to a broader market downturn, with the S&P 500 and Nasdaq Composite both closing lower.
Future Predictions: Analysts suggest that Bitcoin's current pullback may last another 2–4 weeks, with potential recovery expected around Day 510 post-halving, while cautioning about possible further declines below key price levels.
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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 | 36099.581 | 48049.791 | 60369.601 | 72319.811 | 84639.621 | 96589.831 | 108909.641 |
| Fibonacci | 48049.791 | 57320.938 | 63048.663 | 72319.811 | 81590.958 | 87318.683 | 96589.831 |
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