2024-6-25 18:30 |
Bitcoin price action lately has been ‘awful’, with the asset losing key support levels. This development has led to concerns among traders and investors about the crypto’s prospects in the short term. Analyst Sjuul from AltCryptoGems highlighted that the market is approaching a key level, which will determine Bitcoin’s trajectory in the coming weeks.
Bitcoin (BTC) Price AnalysisFor the past 115 days, Bitcoin has been trading within a massive range. According to Sjuul, maintaining support at the lower boundary of this range is essential. A drop below this level could signal a macro bearish shift.
Conversely, holding this support could offer an excellent buying opportunity, potentially leading to a relief bounce within the daily demand zone. One critical factor in Bitcoin’s potential reversal is reclaiming the 1H EMA200. This moving average has acted as resistance during the recent decline.
Sjuul noted that a successful reclaim of the 1H EMA200 would indicate a bullish market structure break. The current price action resembles a massive falling wedge, which bulls must break to prevent further capitulation.
Liquidity and Market SentimentThe recent downtrend has grabbed substantial liquidity, with the last cluster around $60,000. Sjuul emphasized the importance of a reversal to avoid further declines. Perpetual positions are heavily short, with funding rates green across the board. This environment could favor a short squeeze, offering some hope for a bullish reversal.
Market sentiment has reached very low levels. The Fear and Greed Index stands neutral at 51 points, the lowest in months. This indicates that investors are cautious but not overly pessimistic.
.rh-colortitlebox{margin-bottom:30px;background:#fff;line-height:24px;font-size:90%}.rh-colortitlebox .rh-colortitle-inbox{display:flex;align-content:center;padding:15px;font-weight:700;font-size:110%; line-height:25px}.rh-colortitlebox .rh-colortitle-inbox i{line-height:25px; margin:0 10px; font-size:23px}.rh-colortitlebox .rh-colortitle-inbox svg{width:25px;margin-right:10px}.rh-colortitlebox .rh-colortitle-inbox-label{flex-grow:1}.rh-colortitlebox .rh-colortitlebox-text{padding:20px}.rh-colortitlebox-text>*{margin-bottom:20px}.rh-colortitlebox-text>:last-child{margin-bottom:0} New Meme Coin to Watch Aiming to be Next $BONK, $WIF or $MEW.rh-toggler-open{height:auto !important} .rh-toggler-open .rh-tgl-show, .rh-toggler-open .rh-tgl-grad{display:none !important} .rh-toggler-open .rh-tgl-hide{display:block !important} .rh-tgl-show, .rh-tgl-hide{cursor:pointer} .rh-contenttoggler *{box-sizing: border-box !important} .rh-toggler-wrapper{overflow: hidden;transition: all 0.5s ease; padding-bottom: 35px; margin-bottom:30px;box-sizing: content-box !important;position: relative;} .rh-toggler-wrapper p:last-of-type {margin-bottom: 0;}Milei Moneda is a new meme coin inspired by the political and economic views of Javier Milei, an Argentine president known for his libertarian and pro-Bitcoin stance. You have an opportunity with the ongoing low presale price to get in early!
Sponsored
Show more +Show less –Read also: Why Is the Crypto Market Down Today?
ConclusionBitcoin’s price is trending in a critical phase. Holding the current support level and reclaiming the 1H EMA200 are key for a potential bullish reversal. Market conditions, including liquidity grabs and short positions, suggest that a short squeeze could be on the horizon.
Join Aethir’s exclusive airdrop and earn badges by participating in events or holding community tokens. Complete tasks and secure your spot before the snapshot date is revealed!
Check $RECQ Meme Coin Sponsored: Invest Responsibly, Do Your Own Research. Buy RECQ Today Serves as the base currency for all transactions within the Rebel Satoshi platformICO stage, offering tokens at a discounted price
Facilitates a smooth and efficient economy within the arcade, supporting both arcade and in-game transactions.
Grants access to a diverse range of gaming experiences in the Rebel Satoshi Arcade,
Contributes to a decentralized, community-driven RebelSatoshi platform that integrates gaming with elements of revolution, freedom, and unity, appealing to users who value such principles.
The post Bitcoin Price Analysis: Is BTC Set for a Bullish Reversal or Further Decline? Key Levels to Watch appeared first on CaptainAltcoin.
Similar to Notcoin - Blum - Airdrops In 2024
Selfkey (KEY) на Currencies.ru
|
