and the distribution of digital products.
Oversold BTC to Make a Solid Comeback?
Bitcoin (BTC) is trading at approximately $51,829. This marks a significant decline in value, reflecting a 14.6% drop over the past 24 hours. The cryptocurrency market is experiencing volatility, largely influenced by global economic events.
Price is Oversold at Support. This trading strategy finds assets that are oversold (RSI < 30) and are near a support area, which means there’s a high probability that price will bounce up near-term.
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Bitcoin Next Target- Current Price: $51,829
- 24-Hour Change: -14.6%
- Market Cap: Approximately $1 trillion
- Trading Volume: $35 billion
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Break below 200-day MA (~$61.5K) threatens the uptrend and price has made a Lower Low during the current downswing, which is also a negative sign. Swing Traders: price is now oversold (RSI < 30) and near $50K support, therefore, it could bounce up in the near-term to $56.5K key level or even $60K resistance.
Trend traders: price needs to regain the 200-day moving average to signal resumption of uptrend, with upside potential to $72K thereafter.
Buy Now With Lowest Fee Weekly Price AnalysisOver the past week, Bitcoin has seen a substantial decline, with its value dropping by 25.5%. This downturn is part of a broader trend affecting the entire cryptocurrency market. The global crypto market cap has also decreased by 13.85% in the last 24 hours.
- Start of the Week: $69,000
- Lowest Point: $49,000
- Highest Point: $69,000
- Weekly Change: -28.5%
- Trend: Short-term trend is Strong Down, Medium-term trend is Up and Long-term trend is Up.
- Momentum: Price is Oversold currently, based on RSI-14 levels (RSI < 30).
- Support and Resistance: Nearest Support Zone is $56.50, then $50.00.
The recent drop in Bitcoin’s price is attributed to a variety of factors, including:
- Global Market Crash: Major stock markets, including those in Japan and the U.S., have experienced significant losses. The Nikkei share average fell by 12.4%, and U.S. stock index futures also tumbled.
- Institutional Sell-offs: Notable sell-offs by large investors, such as Berkshire Hathaway’s sale of Apple stocks, have added to market instability.
- Geopolitical Events: Ongoing geopolitical tensions and economic concerns have contributed to the market’s volatility.
- Moving Averages: Bitcoin is currently trading below 50-day and 200-day moving averages.
- RSI (Relative Strength Index): The RSI is approaching oversold territory, which could indicate a potential reversal or continued downward trend.
- MACD (Moving Average Convergence Divergence): The MACD is currently bearish.
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