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Bitcoin Falls To $61,500 Low, Bears Threaten To Brief

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Bitcoin (BTC) has fallen beneath the transferring common traces after rejecting the 50-day SMA. Value evaluation by Coinidol.com.

Lengthy-term forecast for the Bitcoin worth: bearish

Since its rejection on April 8, 2024, the worth of the cryptocurrency has adopted a sample of decrease highs and decrease lows. In different phrases, Bitcoin fell from a excessive of $72,762 to a low of $56,711 because the bulls purchased the dips.

On Could 1, the bulls purchased the dips and rallied to a excessive of $65,628. The bullish momentum broke by the 21-day SMA however was halted on the 50-day SMA. Bitcoin has fallen beneath the transferring common traces as we speak and will fall even additional to its earlier low. On the time of writing, the BTC/USD worth stands at $61,929. Ought to the bears break the present help of $60,914, Bitcoin would fall to its earlier low of $56,711.

Bitcoin indicator studying

The 21-day and 50-day SMAs are horizontally sloped and observe the sideways development sample. The 21-day SMA, which serves as a resistance line, has put the brakes on the cryptocurrency’s potential upside strikes. Bitcoin will proceed to fall so long as the worth bars stay beneath the transferring common traces.

Technical indicators:

Key resistance ranges – $70,000 and $80,000

Key help ranges – $50,000 and $40,000

What’s the subsequent course for BTC/USD?

Bitcoin is in a downtrend after the current rejection. Ought to the bears break by the $60,914 help, the cryptocurrency would drop to a low of $58,500.

In the meantime, the worth indicator means that Bitcoin might fall a lot additional to its earlier stage. In the course of the worth decline on Could 6, a candlestick physique approached the 50% Fibonacci retracement stage. The retracement means that Bitcoin will fall to the extent of the two.0 Fibonacci extension or $60,091.

See also  BlackRock Seeks To Purchase Bitcoin ETFs For International Allocation Fund

Disclaimer. This evaluation and forecast are the non-public opinions of the creator and aren’t a advice to purchase or promote cryptocurrency and shouldn’t be considered as an endorsement by CoinIdol.com. Readers ought to do their analysis earlier than investing in funds.

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