Bitcoin Dips Below $59K as Market Faces Bearish Sentiment
Bitcoin’s price drops below $59,000, erasing over $318 million from the market.
FUNDAMENTAL OVERVIEW:
- U.S. spot Bitcoin ETFs saw outflows totaling $127.1 million on Tuesday.
- Nasdaq has filed with the SEC to list and trade Bitcoin Index Options.
- On-chain data reveals long liquidations and an increase in short positions, indicating a continuation of the bearish trend.
Bitcoin (BTC) saw a slight uptick on Wednesday after a 7.5% drop earlier in the week amid a broad market risk-off sentiment. Nasdaq has filed with the U.S. Securities and Exchange Commission (SEC) to list and trade Nasdaq Bitcoin Index Options (XBTX), which is a positive move for BTC. However, on-chain metrics suggest a bearish outlook, with an increase in short positions and U.S. spot Bitcoin ETFs experiencing outflows on Tuesday.
The world’s largest cryptocurrency took a steep decline on Tuesday, swiftly erasing recent gains and dipping below the critical $60,000 mark. This downturn also triggered a broader drop in cryptocurrency prices, which fell in line with Bitcoin’s slide.
Bitcoin has stayed within a narrow trading range since reaching its record high in March, with trading volumes in the cryptocurrency steadily declining as retail interest wanes.
Broader cryptocurrency prices followed Bitcoin’s decline, driven by a lack of positive catalysts for the sector.
BITCOIN TECHNICAL ANALYSIS DAILY CHART:
Technical Overview:
Bitcoin is trading within a up channel.
Bitcoin is moving below all Moving Averages (SMA).
The Relative Strength Index (RSI) is in Neutral Zone, while the Stochastic oscillator suggests Negative trend.
Immediate Resistance level: 60975
Immediate support level: 58645
HOW TO TRADE BITCOIN
Bitcoin after trading downside it found support and price reverted to upside aggressively following higher high, as of now bitcoin consolidated within range and gave sharp breakout but it couldn’t hold further and price dipped below support level, as long as it stays below the key resistance level it can fall furthermore.
TRADE SUGGESTION- LIMIT SELL– 60574, TAKE PROFIT AT- 57761, SL AT- 62583.11