Bitcoin Price Range Tightens as Market Sentiment Turns Bearish
- Price Range Tightening: Bitcoin is currently oscillating between $85,000 and $92,000, reflecting weakened investor confidence and a market structure indicative of distribution rather than accumulation, which could lead to further price declines.
- Declining Profitability Ratio: Approximately 65% of Bitcoin's circulating supply remains in profit, which, while seemingly positive, is relatively low, indicating that the market has yet to attract sufficient buyers, increasing downside risk.
- Sentiment Shifts to Bearish: Analysis of media coverage and social platform data shows a decisive turn towards bearish sentiment, historically, such strong bearish consensus often precedes market reversals, but may involve prolonged uncertainty and volatility.
- Low-Volume Support Level: Analysts warn that if current support fails, Bitcoin could revisit the $75,000 area, characterized by low historical trading volume, making it a natural magnet for price during corrective phases.
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Technical Analysis for MAJOR
Technical Sentiment Analysis for Major (MAJOR) As of , Major (MAJOR) is exhibiting a Strong sell technical sentiment. Our proprietary analysis, which aggregates 4 technical signals, shows that 0 indicators are flashing buy, while 4 are indicating sell.
Momentum Indicators: RSI, MACD & Overbought/Oversold Status Currently, the Relative Strength Index (RSI) for MAJOR 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, MAJOR 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 $-.
Major (MAJOR) Support & Resistance Level
| Name | S3 | S2 | S1 | Pivot Points | R1 | R2 | R3 |
|---|---|---|---|---|---|---|---|
| Classic | 0.061 | 0.0687 | 0.0775 | 0.0852 | 0.094 | 0.102 | 0.111 |
| Fibonacci | 0.0687 | 0.075 | 0.0789 | 0.0852 | 0.0915 | 0.0954 | 0.102 |
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