Bitcoin Misses $90K Mark Again, Leading to Market Decline
Bitcoin's Resistance at $90K: Bitcoin has faced repeated rejection at the $90,000 mark, leading to a downturn in the broader cryptocurrency market and increased selling pressures on altcoins.
Impact on Major Cryptocurrencies: The failure to maintain the $90K level has resulted in significant declines for major cryptocurrencies like ETH and ADA, as bearish trends continue to dominate market sentiment.
Market Sentiment and Liquidations: Ongoing bearish conditions have sparked liquidations and heightened caution among investors, with analysts closely monitoring potential shifts in market direction.
Technological and Strategic Considerations: Traders are reevaluating their positions in light of market volatility, with historical trends being analyzed to predict possible recovery patterns amidst prevailing uncertainty.
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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 | 36103.034 | 48051.517 | 60373.054 | 72321.537 | 84643.074 | 96591.557 | 108913.094 |
| Fibonacci | 48051.517 | 57322.665 | 63050.389 | 72321.537 | 81592.685 | 87320.409 | 96591.557 |
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