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Breaking News: FTX Recovery Trust Set To Disburse $1.6 Billion By Month-End, FTT Price Skyrockets

Bitcoin Set for Further Decline As Bearish Sentiment Intensifies

Godspower Owie
Godspower Owie
1 year ago
2 mins read
Bitcoin

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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.

Bitcoin

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.

Bitcoin

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.

Bitcoin
BTC trading at $67,057 on the 1D chart | Source: BTCUSDT on Tradingview.com
Featured image from iStock, chart from Tradingview.com
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Godspower Owie
Godspower Owie

Godspower Owie

My name is Godspower Owie, and I was born and brought up in Edo State, Nigeria. I grew up with my three siblings who have always been my idols and mentors, helping me to grow and understand the way of life.

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My parents are literally the backbone of my story. They’ve always supported me in good and bad times and never for once left my side whenever I feel lost in this world. Honestly, having such amazing parents makes you feel safe and secure, and I won’t trade them for anything else in this world.

I was exposed to the cryptocurrency world 3 years ago and got so interested in knowing so much about it. It all started when a friend of mine invested in a crypto asset, which he yielded massive gains from his investments.

When I confronted him about cryptocurrency he explained his journey so far in the field. It was impressive getting to know about his consistency and dedication in the space despite the risks involved, and these are the major reasons why I got so interested in cryptocurrency.

Trust me, I’ve had my share of experience with the ups and downs in the market but I never for once lost the passion to grow in the field. This is because I believe growth leads to excellence and that’s my goal in the field. And today, I am an employee of Bitcoinnist and NewsBTC news outlets.

My Bosses and co-workers are the best kinds of people I have ever worked with, in and outside the crypto landscape. I intend to give my all working alongside my amazing colleagues for the growth of these companies.

Sometimes I like to picture myself as an explorer, this is because I like visiting new places, I like learning new things (useful things to be precise), I like meeting new people - people who make an impact in my life no matter how little it is.

One of the things I love and enjoy doing the most is football. It will remain my favorite outdoor activity, probably because I'm so good at it. I am also very good at singing, dancing, acting, fashion and others.

I cherish my time, work, family, and loved ones. I mean, those are probably the most important things in anyone's life. I don't chase illusions, I chase dreams.

I know there is still a lot about myself that I need to figure out as I strive to become successful in life. I’m certain I will get there because I know I am not a quitter, and I will give my all till the very end to see myself at the top.

I aspire to be a boss someday, having people work under me just as I’ve worked under great people. This is one of my biggest dreams professionally, and one I do not take lightly. Everyone knows the road ahead is not as easy as it looks, but with God Almighty, my family, and shared passion friends, there is no stopping me.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

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