Bitcoin Set for Further Decline As Bearish Sentiment Intensifies
11 Junho 2024 - 8:00AM
NEWSBTC
Bitcoin (BTC), the leading cryptocurrency by market capitalization,
appears to be heading for further declines as market sentiment
turns increasingly bearish. Recent analysis shows that BTC is
struggling to maintain key support levels, and the overall mood
among traders and investors is shifting towards caution. Several
factors such as macroeconomic pressures, regulatory concerns, and
technical indicators contribute to this negative outlook. As
Bitcoin continues to face selling pressure, the potential for
additional downside becomes more pronounced. This article explores
Bitcoin’s near-term price action for market participants looking to
navigate the current volatility and make informed decisions about
their BTC holdings. Currently, the price of BTC is down by -2,50%,
trading at about $67,796, with a market capitalization of over $1.3
trillion and a trading volume of over $29 billion as of the time of
writing. Although its market capitalization is down by 2.44%, its
trading volume is up by 94,43% in the past day. Technical Analysis
Points Further Decline In Bitcoin Price BTC on the 4-hour timeframe
has dropped below the 100-day Simple Moving Average (SMA) with
strong momentum by dropping two bearish candlesticks. With such
momentum, the price of BTC may decline more. The 4-hour RSI has
also experienced a huge drop below 50% trending close to the
oversold zone. This confirms that BTC may still witness more price
declines. On the daily timeframe, BTC’s price with a strong
momentum is making a significant drop toward the 100-day SMA with a
huge bearish candlestick. Based on the above price action, it can
be suggested that BTC may remain bearish for the rest of the day.
Finally, the 1-day Relative Strength Index (RSI) also suggests that
the price of Bitcoin is likely to decline more, as the RSI line has
dropped slightly below 50% and might trend there for a while. More
Losses For BTC? Based on price analysis and what the RSI indicator
suggests, if Bitcoin continues to decline, it will move toward the
$66,736 support level. If it breaks this level, it will decline
further to test the $64,515 support level. There is a possibility
that it might even drop more to test the $60,158 if the
aforementioned level cannot hold the price. However, suppose BTC
decides to reverse course at any of the previously suggested
support levels, it will start to ascend toward the direction of the
$71,909 resistance level. If the price breaks above this resistance
level, it may move to test the $73,811 level and possibly move
further to create a new all-time high. Featured image from iStock,
chart from Tradingview.com
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