Bitcoin Drops Below $100,000; Ethereum, XRP, and Dogecoin Decline as Analysts Report Continued Confident 'Dip Buying'
Cryptocurrency Market Decline: Leading cryptocurrencies, including Bitcoin and Ethereum, experienced significant drops, with Bitcoin falling below $100,000 for the first time since May, leading to over $2 billion in liquidations across the market.
Stock Market Reaction: The stock market also faced declines, with the Dow Jones, S&P 500, and Nasdaq all closing lower, influenced by a nearly 8% drop in Palantir Technologies' shares despite strong quarterly results.
Market Predictions: Analysts predict Bitcoin may trade between $94,000 and $118,000 in the near term, while Ethereum is expected to fluctuate between $3,000 and $4,400, amid increasing bearish sentiment on social media.
Top Gainers: Despite the overall market downturn, some cryptocurrencies like Momentum and DeAgentAI saw significant gains, with Momentum increasing by over 319% in the last 24 hours.
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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 | 36010.729 | 48005.365 | 60280.749 | 72275.385 | 84550.769 | 96545.405 | 108820.789 |
| Fibonacci | 48005.365 | 57276.512 | 63004.237 | 72275.385 | 81546.532 | 87274.257 | 96545.405 |
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