TL; DR failed
- Bitcoin price analysis is declining today.
- The Bitcoin flash fell below the psychological threshold of $ 60,000.
- Bitcoin continues to seek support.
Bitcoin price analysis shows a sudden drop in price as Bitcoin reached $ 60,000 in a matter of minutes. Bitcoin fell to $ 60,400 yesterday, hitting a record high of $ 65,984 on October 20 and falling to $ 60,400 yesterday. At the beginning of today’s session, the cows tried to raise the price, but soon their efforts were in vain as the bears took control of the price performance and the bitcoin plummeted below the $ 60,000 psychological threshold.
As expected, BTC typically falls largely up to 50% after ATH, before another ATH is almost double its previous value, which will be in the $ 138,000 range, but the idea is still very strong. It seems far-fetched.
1-Day Bitcoin / Dollar Price Chart: Bitcoin to find support
Bitcoin continues to support itself because it is falling faster. The closest support is currently $ 57,300. Bitcoin traded at $ 58,726 at the time of release, showing a 6.22 percent drop in value over the past 24 hours and an 8 percent drop over the past week. The market value decreased by 5.9% during this period. However, trading volume increased by 32%.
Fluctuations as a sign of mild volatility, the Bollinger Bands show slow convergence, and Bitcoin has fallen below the support of the Bollinger Bands average of $ 59,776, making it a resistance.
As Bitcoin moves south, the Relative Strength Index (RSI) shows a steep downward slope from yesterday. RSI indicates strong sales activity in the market.
Bitcoin Price Analysis: Recent Developments and More Technical Signs
The 4-hour Bitcoin price analysis shows that the price break was bullish at the beginning of today’s session, as the price improved in the first four hours, but then the selling pressure started again and the BTC price started to fall.
The volatility in the 4-hour chart is rising again as the price function fluctuates at a high rate and the price goes even lower below the Bollinger Bands, which was the lowest level of technical support in the current situation. The RSI is in the 32nd index after the fall near the low sales area, because the sales pressure is very high.
Given Bitcoin’s recent uptrend, technical indicators are largely neutral, as some short-term indicators, such as MA10 and the momentum oscillator, are looking to sell. Medium-term indicators, on the other hand, continue to support purchasing decisions because some of them are backward indicators based on historical data.
Bitcoin Price Analysis: Conclusions
As today’s Bitcoin price analysis shows, a situation like the sudden fall was observed just a few minutes ago when Bitcoin fell below $ 60,000. Bitcoin is currently testing support on May 8, 2021, and in the event of hesitation, the next line of support is the recent $ 57,300. There is a possibility of re-testing the next support, as the price may continue to fall in the coming hours.
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