Bloomberg Strategist: Bitcoin More Likely to Experience a Significant Decline Than a Recovery
Current Market Conditions: Bitcoin's previous catalysts, such as ETF inflows and political support, have diminished, leading to a potential decline below the critical $84,000 support level, which could trigger a drop towards $50,000.
Broader Market Concerns: The low VIX indicates that broader markets have not yet adjusted to the recent crypto sell-off, raising concerns about a possible shift to risk-off positioning in the near future.
Technical Analysis: Mike McGlone emphasizes the importance of maintaining the $84,000 support for Bitcoin's bullish structure, while upside resistance is noted at $94,000, though the focus remains on the vulnerability of support levels.
Bearish Outlook: McGlone's perspective is more pessimistic than the general market consensus, suggesting that the likelihood of a retest of lower historical levels is currently higher than a significant rebound, with Bitcoin's performance in the coming weeks being crucial.
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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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