Bitcoin Tests Key Support Level Amid Market Selloff
- Market Pullback Pressure: U.S. markets edged lower on Thursday as Bitcoin plummeted 9% to around $66,000, marking its lowest level since October 2024, which negatively impacted software and commodity stocks, indicating a decline in market risk appetite.
- Bitcoin Support Testing: Bitcoin is currently testing key long-term technical support, and if it fails to hold above $60,000, it could accelerate downside momentum, further dragging market sentiment and triggering panic selling.
- Bearish Structure Emergence: Bitcoin's price action reveals a clear bearish structure, with consecutive lower highs and expanding downside candles reflecting aggressive selling pressure, as buyers struggle to regain control, indicating a shift in market sentiment towards pessimism.
- Critical Support Level Analysis: Bitcoin is nearing the 200-week EMA, a level historically tested only during extreme market stress; if this support fails, it could lead to further price declines towards the $54,000 region, forming a high-probability downside target.
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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 | 36441.945 | 48220.973 | 61177.695 | 72956.723 | 85913.445 | 97692.473 | 110649.195 |
| Fibonacci | 48220.973 | 57670.029 | 63507.666 | 72956.723 | 82405.779 | 88243.416 | 97692.473 |
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