Bitcoin Forms Ascending Triangle as Resistance Leads to Volatile Trading
Bitcoin's Market Structure: Bitcoin remains within an ascending triangle pattern, facing resistance that leads to choppy trading sessions and limited momentum, with higher lows attracting buyers but repeated rejections at the upper resistance zone.
Price Movement and Liquidations: BTC is trading around $89,964 after a gradual decline from above $91,000, with a total of $210M in liquidations over 24 hours affecting both long and short positions, indicating high volatility in the market.
Market Sentiment and Trading Volume: The market cap has decreased to $1.79T, with a 1.52% drop, while trading volume increased by over 7%, suggesting active participation despite cooling volatility and a defensive near-term sentiment.
Liquidation Trends: Recent data shows significant liquidations, particularly among long positions, with a total of $210.46M liquidated in the last 24 hours, reflecting traders' responses to compressed market conditions and sudden price reversals.
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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 | 36425.103 | 48212.552 | 61160.853 | 72948.302 | 85896.603 | 97684.052 | 110632.353 |
| Fibonacci | 48212.552 | 57661.608 | 63499.245 | 72948.302 | 82397.358 | 88234.995 | 97684.052 |
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