In particular, Bitcoin has successfully surpassed the $60,000 mark, which had served as significant psychological and technical support during the 2024 bull market. Nevertheless, the ascending trendline was broken and started to decrease due to the 20-day and 50-day EMA's dyynamic push from upside. This deterioration has heightened the pessimism in the market.
The chart shows Bitcoin dropped 3.72% in intraday to about $57,580 (At press time), with the 100-day Exponential Moving Average (EMA) very nearby. Schiff also cautions that if the price remains consistently below this moving average in the coming sessions, it would confirm the bearish trend and could bring an end to the current rally, possibly ending the bull market for the foreseeable future.
Bitcoin Price Prediction And Oscillators Evaluation
If Bitcoin is unable to reach the $60,000 mark again from a technical perspective, the next significant level of support is at $51,950. This signifies a notable decrease from recent peaks, and dropping to this point could spur more selling.
However, a bounce back from the present levels needs to surpass the $60,000 resistance to dispel the negative outlook. If Bitcoin manages to surpass this level, it may try to break through resistance levels around $64,000 and $66,000, bringing some hope to bullish investors.
According to the oscillators, the BTC asset is displaying bearish characteristics as MACD has sloped below zero line, which is at -1250.4. Meanwhile, the RSI is falling smoothly taking rejection from 14-SMA, which is robustly implying that the BTC asset is losing momentum and can achieve lower level.
The chart shows Bitcoin dropped 3.72% in intraday to about $57,580 (At press time), with the 100-day Exponential Moving Average (EMA) very nearby. Schiff also cautions that if the price remains consistently below this moving average in the coming sessions, it would confirm the bearish trend and could bring an end to the current rally, possibly ending the bull market for the foreseeable future.
Bitcoin Price Prediction And Oscillators Evaluation
If Bitcoin is unable to reach the $60,000 mark again from a technical perspective, the next significant level of support is at $51,950. This signifies a notable decrease from recent peaks, and dropping to this point could spur more selling.
However, a bounce back from the present levels needs to surpass the $60,000 resistance to dispel the negative outlook. If Bitcoin manages to surpass this level, it may try to break through resistance levels around $64,000 and $66,000, bringing some hope to bullish investors.
According to the oscillators, the BTC asset is displaying bearish characteristics as MACD has sloped below zero line, which is at -1250.4. Meanwhile, the RSI is falling smoothly taking rejection from 14-SMA, which is robustly implying that the BTC asset is losing momentum and can achieve lower level.