Price Analysis of BTC: Below $60K the Bitcoin goes down to a critical support point
Bitcoin Price Analysis: Technicals
The Daily Chart
The daily timescale shows that after being rejected from the $72K zone at the beginning of June, the price of BTC has been going lower. The crucial $60K support level is getting closer to the price.
If the 200-day moving average breaks below $60K, it may be retested, as it is now trading around $58K. In general, the price's response to these support components will determine the market's destiny in the middle term.
If the 200-day moving average breaks below $60K, it may be retested, as it is now trading around $58K. In general, the price's response to these support components will determine the market's destiny in the middle term.
The 4-Hour Chart
The big falling wedge pattern on the 4-hour chart has now been broken to the downside, and the price is moving quickly in the direction of the $60K support zone. The Relative Strength Index has also dropped quickly, currently displaying values less than 30%.
Therefore, a short-term comeback or consolidation at the $60K level is likely as BTC is currently oversold on the 4-hour timescale.
However, the $58K support zone would be the next possible target if the market goes lower.
Therefore, a short-term comeback or consolidation at the $60K level is likely as BTC is currently oversold on the 4-hour timescale.
However, the $58K support zone would be the next possible target if the market goes lower.
Bitcoin Short-Term Holder SOPR
Despite the recent decline in Bitcoin's price, many market players are witnessing a decline in their unrealized earnings. Some holders, meantime, have realized their gains and left the market before suffering a loss.
This figure illustrates the profit and loss ratio for the Bitcoin Short-Term Holder SOPR. Values higher than one suggest that investors are selling their holdings at a profit, while values lower than one suggest losses.
Both the STH SOPR and the price of Bitcoin are declining. The short-term investors are about to experience a loss, which would occur if the market fell below $60,000.
However, in a bull market, this also happens at the low points. Therefore, the low may not be far off if we believe that the bull market is still active.
This figure illustrates the profit and loss ratio for the Bitcoin Short-Term Holder SOPR. Values higher than one suggest that investors are selling their holdings at a profit, while values lower than one suggest losses.
Both the STH SOPR and the price of Bitcoin are declining. The short-term investors are about to experience a loss, which would occur if the market fell below $60,000.
However, in a bull market, this also happens at the low points. Therefore, the low may not be far off if we believe that the bull market is still active.
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