As a crypto investor with some experience in the market, I’ve seen Bitcoin’s price volatility firsthand, and the current downtrend has me concerned. The repeated failures to break above $75K resistance and the loss of support at $65K are troubling signs that the bull market may have taken a pause or could even be reversing course.
The value of Bitcoin is currently on a downward trajectory since it hasn’t managed to break through the $70,000 resistance level. It leaves us pondering whether this is merely a pause in the bull market or its end.
Technical Analysis
By TradingRage
The Daily Chart
According to the daily graph, Bitcoin’s value has repeatedly fallen short of breaking through the $75,000 resistance mark and is now decreasing. The previously strong support at $65,000 has been breached, but for the moment, the price is being held down by the significant $60,000 level.
As a crypto investor, I keep a close eye on key technical indicators like the 200-day moving average (MA). Currently, this MA hovers around $57,000 and could potentially act as a support level if Bitcoin (BTC) falls below the $60,000 mark. The overall trend remains bullish for me as long as BTC trades above its 200-day MA.
The 4-Hour Chart
On the 4-hour timeframe, the price dipped beneath the $60,000 mark of support for a brief moment several days ago before bouncing back up. This occurrence is reminiscent of a false breakout and may signal an imminent surge towards the $65,000 level in the near future.
Despite the RSI remaining under 50%, indicating continued selling momentum, a decline beneath the $60K mark remains plausible.
On-Chain Analysis
By TradingRage
Bitcoin Whale Ratio
Examining Bitcoin’s on-chain data is beneficial when the market appears to be turning around. The graph showcases the BTC whale ratio indicator, calculating the proportion of substantial deposits to exchanges, presumed to be held by major investors or “whales.”
As a financial analyst, I would interpret higher deposits of Bitcoin into exchanges by large holders, or “whales,” as potential indicators of their intent to sell. These actions may suggest that they wish to cash out their cryptocurrency holdings, leading to increased supply and potentially downward pressure on the market price.
The whale ratio, which currently exceeds 0.5, clearly signifies that whales have been offloading large quantities of coins recently. This substantial selling pressure could lead to a further decrease in Bitcoin’s price if this trend persists, due to the increased supply overwhelming the market.
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2024-06-29 09:40