June 25, 2024,
Bitcoin (BTC) is trading at around $60,806.67, recording a 2.47% decline in the past 24 hours. Technical analysis gives mixed signals:
Technical Analysis
The Relative Strength Index (RSI) is showing a neutral condition, indicating that there is no strong momentum in either direction.
- The MACD (Moving Average Convergence/Divergence) indicator also shows a neutral stance with no clear bullish or bearish divergence.
- Simple Moving Averages (SMA) give mixed signals, as short-term averages indicate selling, while long-term averages indicate buying.
Price forecasts
- In the short term, the price is expected to rise by about 5% to reach $60,814.80 by tomorrow.
- If Bitcoin maintains momentum above $61,861, it could rise to around $64,973.
- On the other hand, if it fails to maintain this support, the price may fall to $58,451 and perhaps to $56,502.
Market sentiment
- Overall market sentiment remains cautiously optimistic, with expectations of a potential upside as a result of increased interest in Bitcoin ETFs and other financial products.
Overall, Bitcoin is at a critical point where it could see significant moves in either direction depending on market conditions and investor sentiment.