Bitcoin between upside opportunities and downside risks
Quick analysis of Bitcoin (BTC) movement in the last 24 hours
Current price: $96,503.99
Change in the last 24 hours: -4.12%
Highest price in 24 hours: $100,790.13
Lowest price in 24 hours: $92,273.00
24-hour trading volume: $2.81 billion
Bitcoin is currently under heavy selling pressure, after the price tried to break the $100,000 barrier, but was unable to continue above it.
Technical factors
Moving Averages:
MA(5): $96,232.80 (current price is very close to it).
MA(10): $98,073.24.
MA(20): $101,130.34.
Frankly, the price is now below all these averages, which is an indication that the short-term trend is bearish.
Technical indicators
Stochastic RSI: The indicator is in the oversold zone, which means we may see a slight bounce soon.
Volume: The trading activity is clearly high, but most of it is selling, which reflects the current negative market pressure.
Support and resistance
First support: $95,000 Second support: $92,000 Third support: $90,750
First resistance: $98,000, Second resistance: $100,000, Third resistance: $105,000
If Bitcoin breaks the support level of $95,000, there is a high probability that we will see lower levels such as $92,000. But if it can break $98,000, this could indicate the beginning of a new uptrend.
Monetary Policy: If the US Federal Reserve eases its interest rate hike policies, this could make Bitcoin more attractive to investors.
Inflation If inflation continues to rise, Bitcoin could be seen as a safe haven, especially as confidence in fiat currencies declines.
There is a state of caution among investors now due to the volatility in the market and the lack of positive news. The price may continue to move between $95,000 and $98,000 for a while until any strong news appears to move the market.
Bitcoin is at a very sensitive stage now. It will either continue in the downward trend, or it may be a temporary bottom around the current levels. Its future will depend largely on the global economic situation, government decisions, and market sentiment. This is of course just an analysis and opinion, not financial advice 😊👻
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