El Salvador Accumulates More Bitcoin as BTC Value Falls Under $90K
El Salvador's Bitcoin Acquisition: El Salvador has purchased an additional 1,090 BTC during a market downturn, increasing its total holdings to 7,474 BTC, valued at approximately $685 million, as President Nayib Bukele emphasizes a long-term commitment to Bitcoin.
Market Volatility and Price Decline: Bitcoin's price has fallen below $90,000, marking a 30% drop in less than two months, driven by panic among investors and a broader tech stock selloff, particularly influenced by concerns surrounding Nvidia and the AI sector.
Caution from Analysts: Analysts, including Nakamoto CEO David Bailey, warn of potential further declines in Bitcoin's price, indicating that the current bear cycle may not be over and urging investors to remain cautious amid increasing market turbulence.
Impact of Leverage and ETF Inflows: The crypto market is experiencing significant deleveraging, particularly on offshore exchanges, while the absence of new spot ETF inflows contributes to ongoing price volatility, challenging the foundational narrative of Bitcoin as a stable asset.
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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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