As an experienced analyst, I closely monitor the cryptocurrency market, and based on the current trend of Bitcoin (BTC), I believe we are in for a bearish phase. The recent break below the 1-day Simple Moving Average (SMA) is a clear signal of this shift in market sentiment.
Bitcoin (BTC), the largest cryptocurrency in terms of market value, is experiencing renewed bearish sentiment as its price dips below the 1-day Simple Moving Average (SMA). This popular technical indicator, frequently employed by traders to assess market trends, suggests that BTC’s downward trend may persist.
With Bitcoin hitting fresh lows, the break beneath its 1-day Simple Moving Average (SMA) serves as a stark reminder of mounting bearishness and heightened market turbulence. This significant event has drawn close attention from investors and market analysts. They are keenly observing this trend, which could potentially lead to even steeper declines and pave the way for Bitcoin to challenge its lower support thresholds.
Having a market value exceeding $1.3 trillion and daily trading volumes surpassing $25 billion at this moment, the Bitcoin price stands at approximately $66,133 – a 1.49% decrease within the last 24 hours. Concurrently, Bitcoin’s market capitalization and trading volume have experienced decreases of 1.52% and 4.84% respectively.
Bitcoin Market Sentiment Turns Bearish
As an analyst, I observe on the 4-hour chart that Bitcoin’s price sits below its 100-day simple moving average, signaling a bearish trend. Furthermore, I notice Bitcoin making an attempt to reach the support level at $64,515.
On the 4-hour chart, the composite trend oscillator indicates a bearish prediction. At present, the signal line and SMA of the indicator are located within the oversold territory. These trends are expected to persist, leading the price in a downtrend.
Examining the daily price trend of Bitcoin closely reveals that the cryptocurrency consistently experiences a downward break past its 100-day Simple Moving Average (SMA). At present, there are indications of a brief reversal, possibly a short-term correction, prior to resuming its descent.
The 1-Day Composite Trend Oscillator’s development hints at an impending bearish trend, as both its signal line and Simple Moving Average (SMA) are heading downward and may dip beneath the zero line.
Key Support Levels To Watch
At present, Bitcoin has four significant support points: $64,515, $60,158, $56,523, and $50,604. If the bearish trend continues, the price of Bitcoin is expected to slide downward towards the first support level at $64,515. Should this level give way, the cryptocurrency may drop further to challenge the second support at $60,158 and potentially other levels as well.
If the digital asset defies expectations and refuses to drop any further, instead opting for an uptrend, I would anticipate it approaching the $71,909 resistance point as its first significant challenge. Should it manage to surpass this hurdle, the $73,811 resistance level may come into play next. If successful in breaching this level, new record highs could be within reach.
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2024-06-15 21:27