BITCOIN PRICE ANALYSIS & PREDICTION (July 8) – BTC Loses 4% Overnight But Can It Regains Strength Following This Reversal Pattern?

2024-7-9 20:25

A lot has happened since the start of the month as Bitcoin plummeted by almost 17% to a five-month low. It saw a slight bounce last weekend but the price is back in a downward range. Bearish actions may continue. 

Following a small recovery to the $53,800 area on the first day of this month, Bitcoin initiated a drop and extended bearishness below a long-rising trendline that served as diagonal support since March. It is now acting as resistance on the daily timeframe.

During the extension, the $56,552 level that stood as parallel support since May also collapsed and the leading cryptocurrency fell to a multi-month low of $53,486 last Friday, causing more pain in the market.

A rejection occurred and the price retraced in the following day to retest last month’s cracked support as resistance. The price fell back yesterday and slipped near the multi-month low in the past hours.

Adjusting to the 4-hour chart, BTC seemed to have found support again and is now forming a double-bottom pattern. This pattern looks more like a trap as it may sustain selling pressure any moment from now.

But if the bullish pattern plays out, we may see an increase towards the rising trendline as a retest before falling back. Climbing back above this trendline could leur the bulls back.

Bitcoin’s Key Levels To Watch Source: Tradingview

In the latest fall, Bitcoin is currently supported by the $53,486 level. If the price breaks below it, the next area of interest for selling would be the $51,550 and $50,520 supports – marked as a pullback level in February. 

For a potential reversal, there’s an immediate resistance at $56,552. If the price climbs above it, the $58,402 and $60,200 levels to watch on the way up.

Key Resistance Levels: $56,552, $58,402, $60,200

Key Support Levels: $53,486, $51,550, $50,520

Spot Price: $55,765 Trend: Bearish Volatility: High

Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.

Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news!

Image Source: tzido/123RF // Image Effects by Colorcinch

Similar to Notcoin - Blum - Airdrops In 2024

origin »

ETH/LINK Price Action Candlestick Set (LINKETHPA) на Currencies.ru

$ 467.1 (+0.48%)
Объем 24H $0
Изменеия 24h: 0.85 %, 7d: 17.53 %
Cегодня L: $453.49 - H: $467.1
Капитализация $0 Rank 3676
Доступно / Всего 0 LINKETHPA

price bitcoin slight saw five-month low almost

Источник: nulltx.com

price bitcoin → Результатов: 126


Фото:

Bitcoin Price To See 70%+ Powerful Bull Wave To Push It Over $100,000, How High Can It Go?

The Bitcoin price is slowly breaching the $70,000 mark, showcasing steady upward momentum despite downward pressure from the bearish performance of the US equities market. Taking note of Bitcoin’s recent price movements, a crypto analyst has suggested that the pioneer cryptocurrency could be gearing up for a strong bull wave that could drive its price by over 70%, pushing it past the $100,000 milestone.

2024-10-26 04:00


Фото:

Analysts Predict Bitcoin Price Could Crash To $40,000, But There’s Good News

Despite initial expectations of a steady price increase and a robust bull run this year, Bitcoin (BTC) has suffered severe declines, pushing its price below the $60,000 threshold. Due to the cryptocurrency’s prolonged bearish performance, a crypto analyst has warned that Bitcoin could decline even further, predicting a potential crash below $40,000.

2024-9-4 22:30


дальше еще 77 новостей →

Партнеры Currencies.ru

Аналог Notcoin - Blum - Играй и зарабатывай Монеты



Реклама на Currencies.ru

Самое свежее на Currencies.ru

Ethereum Shows Resilience As Retail Investors Stay Confident Amid Price Surge

Ethereum ($ETH) has recently experienced a notable price surge, yet retail investors are holding firm, signaling strong confidence in the cryptocurrency’s long-term growth prospects. Despite market fluctuations, low exchange inflows and a near-breakeven SOPR (Spent Output Profit Ratio) indicate that investors are choosing to hold onto their positions rather than […]

Bitcoin and Ethereum See Record Outflows As Whale Movements Signal Profit-Taking

This week, Bitcoin ($BTC) and Ethereum ($ETH) experienced massive outflows from exchanges, with net outflows for both exceeding $1 billion—the highest levels since May 2023. These movements indicate heightened investor activity, as traders move assets off exchanges, often a signal of long-term holding or preparation for decentralized applications. Both $BTC […]

sUSDe Integration On Aave Sparks New Wave Of Adoption And Whale Activity

The proposal to integrate sUSDe as collateral on Aave has successfully passed, marking a significant milestone for the DeFi ecosystem. This integration enables users to utilize sUSDe as collateral on both the main Ethereum and Lido instances, unlocking the potential to borrow billions of dollars in stablecoins against it. Pleased […]