Bitcoin Faces Critical Support Pressure at $85,000 Level
- Fragile Market Balance: A CryptoQuant analyst warns that if Bitcoin falls below the $85,000 level, selling pressure could significantly increase, leading to a deeper price decline, indicating the current fragile balance in the market.
- Declining Net Pressure Indicator: The Net Pressure Tilt indicator for short-term investors has dropped to its lowest level in three years at around 5%, suggesting a near-equilibrium between buyers and sellers, but historical trends show such balances are typically short-lived and volatile.
- Market Sentiment Shift: Bitcoin has been trading approximately 13.9% below the cost basis of short-term investors for about two months, indicating significant losses for this group and suggesting the market has entered a bear phase, which could exacerbate selling pressure.
- Critical Support Level Analysis: Analysts caution that if Bitcoin drops below $85,000, the Net Pressure could fall below -15, signaling an acceleration of selling pressure and potentially triggering a sharper pullback, necessitating close monitoring of this critical level.
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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 4 technical signals, shows that 1 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 | 36391.603 | 48195.801 | 61127.353 | 72931.551 | 85863.103 | 97667.301 | 110598.853 |
| Fibonacci | 48195.801 | 57644.858 | 63482.495 | 72931.551 | 82380.608 | 88218.245 | 97667.301 |
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