Crypto Market Continues Downward Trend
- Mining Companies Decline: Bitcoin mining company IREN's stock fell by 6.5% to $42, representing a drop of over 47% from its all-time high, as investors focus on its upcoming earnings amidst a bearish market sentiment.
- Market Capitalization Shrinks: Michael Saylor's MSTR stock plummeted to $110, reducing its market cap from over $130 billion to $38 billion, reflecting a pessimistic outlook among investors regarding the crypto market's future, leading to significant capital outflows.
- Exchanges Under Pressure: Coinbase's stock dropped from a record high of $443 to $150, indicating a sharp decline in trading activity during the bear market, which threatens its primary revenue source and overall profitability.
- Fear and Greed Index Plummets: The Crypto Fear and Greed Index has fallen to 10, indicating extreme fear in the market, which often signals a potential reversal; investors should monitor for rebound opportunities as assets become oversold.
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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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