💥💥💥 Why is #bitcoin☀️ stuck at $58K?
Bitcoin Price Fluctuates and Faces Key Resistance Amid Market Volatility
Bitcoin's price has been oscillating between $57,815 and $61,815 for nearly a week, with the 50-day simple moving average (SMA) at $61,662 acting as a persistent resistance level.
Currently, Bitcoin ($BTC ) is trading at $58,106.44, down 0.2% from an hour ago and 0.6% from yesterday. Over the past week, BTC has decreased by 5.2%.
In the last 24 hours, 57,708 traders have been liquidated, totaling $221.55 million. The largest liquidation occurred on Binance for the BTCUSDT pair, amounting to $10.83 million.
#Glassnode attributes Bitcoin’s recent price volatility to “weakness in spot demand.” Their analysis of the cumulative volume delta (CVD) indicates a lack of directional bias in the market. Glassnode's on-chain data reveals that since Bitcoin’s all-time high in March, there has been a significant period of supply distribution across various wallet sizes. Recently, large wallets, often associated with ETFs, have shown signs of returning to an accumulation phase.
According to Glassnode, a rebound in spot market demand could occur once the corrected CVD measure moves into positive territory, potentially leading to a breakout above the $70,000 to $72,000 resistance zone and into price discovery.
Bitcoin Faces Bearish Sentiment as Indicator Flashes Warning
- Bitcoin is heading into the weekend with a negative sentiment, as a key indicator raises concerns. A recent "bearish cross" has sparked worries among traders, although historically, this pattern has sometimes signaled a potential upside.
- On August 15, pseudonymous crypto trader Mags highlighted that Bitcoin has printed a "bearish cross" on the daily chart. This pattern, known as a "death cross," occurs when the 50-day SMA falls below the 200-day SMA, indicating short-term market weakness.
- IG market analyst Tony Sycamore noted that Bitcoin needs to reclaim the 200-day SMA at $62,432 to stabilize and test resistance levels near $70,000.
Source - cryptopolitan.com
