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Заголовок Bitcoin Price Analysis: Is the BTC Bull Run Over as Bulls Lose 200-Day Moving Average?
Дата 20240704

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Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin Price Analysis: Is the BTC Bull Run Over as Bulls Lose 200-Day Moving
Average?

Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin Price Analysis: Is the BTC Bull Run Over as Bulls Lose 200-Day Moving
Average?

Author: George Georgiev

Last Updated Jul 4, 2024 @ 12:36

Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin’s price has been dropping aggressively lately, pushing below a
significant support level. If a recovery does not happen soon, things can get
much worse for the crypto market• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта.

Technical Analysis

By TradingRage

The Daily Chart

As the daily chart demonstrates, Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin’s price has failed to hold above the
significant $60K support level and has also broken below the 200-day moving
average, located around $58K.

This is an extremely worrying signal, as the 200-day moving average is known
to hold the price during Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin bull markets.

Therefore, if the $57K support level fails to prevent a further decline and
the price fails to recover back above the 200-day moving average, a much
deeper drop will become more probable. Source: TradingView

The 4-Hour Chart

On the 4-hour timeframe, the price has quickly dipped below $57K following the
breakdown of the $60K support zone.

Meanwhile, this level is seemingly preventing a deeper decline, and the RSI
indicator has also entered the oversold region. These signs are pointing to a
potential recovery or at least a pullback toward the $60K level in the short
term. Source: TradingView

Sentiment Analysis

By TradingRage

Bitcoin• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin Funding Rates

As the BTC price is dropping aggressively, many market participants are
exiting their long positions either willingly or with their stop losses
getting hit. Some futures market traders are also opening short positions, as
the Funding Rates metric shows.

The Funding Rates indicate whether the buyers or sellers are executing more
orders on aggregate. After months of decline, the funding rates are currently
negative.

While this is a worrying signal, it might also be considered the first sign of
the price finding a bottom, similar to previous instances in which the metric
has displayed negative values.

Therefore, while caution is recommended, a short liquidation cascade might
also happen in the coming days, which could see the price recover quickly.
Source: CryptoQuant

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Cryptocurrency• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта charts by TradingView.

Tags: Bitcoin (BTC• Экономика » Финансы » Платежные средства » Платежные системы интернета » Криптовалюта » Bitcoin) Price

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