Bitcoin Fails to Break $90,000 as Investors Shift to Gold
- Price Resistance: Bitcoin faced strong rejection near $90,000, triggering nearly $100 million in liquidations across leveraged positions, indicating a weakening market confidence in its role as a store of value.
- Demand for Traditional Hedges: With gold prices holding above $4,300 and US Treasury yields falling to their lowest since August 2022, investors are questioning Bitcoin's appeal as a hedge, reflecting broader risk aversion in the market.
- Mining Pressure: The decline in Bitcoin's network hash rate has put miners under pressure, operating at low or negative margins, forcing them to rely more on debt and equity financing to maintain liquidity, which could impact future mining capacity.
- Economic Outlook Impact: The US unemployment rate rose to 4.6%, coupled with inflation risk concerns, has diminished investor confidence in Bitcoin, further exacerbating its declining appeal as an independent hedge asset.
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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 | 35985.076 | 47992.538 | 60255.096 | 72262.558 | 84525.116 | 96532.578 | 108795.136 |
| Fibonacci | 47992.538 | 57263.686 | 62991.41 | 72262.558 | 81533.706 | 87261.43 | 96532.578 |
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