Bitcoin’s price has experienced significant rejection near the $30,000 threshold, causing a rapid decline. However, the price is currently consolidating near the crucial support range of $25,000, which could potentially act as a bottom and prevent further downtrends.
From a technical Analysis perspective, the daily chart shows a bearish divergence between the price and the RSI indicator, leading to a forceful rejection and a breach of the 100-day and 200-day moving averages. This indicates an overall bearish sentiment in the Market. The price has now reached the pivotal support zone of $25,000, which has historically served as crucial psychological support. If this support holds and there is an increase in buying activity, a reversal could be anticipated. However, if the support is breached, the price may drop further towards the support level at $20,000.
Looking at the 4-hour chart, the price is currently oscillating between the resistance at $30,000 and the support at $25,000. Despite the recent decline, the $25,000 support level has the potential to prevent further short-term declines due to existing demand. A positive response within this range could lead to an upward trajectory towards the resistance at $30,000. On the other hand, a dip below $25,000 may trigger a more extended bearish phase and a decline towards lower support regions.
On-chain analysis using the “Exchange Whale Ratio” reveals that the ratio between the top 10 significant inflows and the total inflow volume on cryptocurrency exchanges has surged. This indicates significant funds from prominent players, or “whales,” being transferred into exchanges. Historical trends show that a rebound in this ratio often has a negative impact on Bitcoin’s price. In February 2018, as the ratio rebounded from an all-time low, the price of Bitcoin reached its peak and subsequently declined. Therefore, a sudden surge in the ratio could potentially indicate a downward trajectory for Bitcoin’s price.
In summary, Bitcoin’s price has encountered rejection near $30,000 and is now consolidating near the crucial support level of $25,000. Technical analysis suggests that the response within this support zone will determine the future direction of the price. On-chain analysis indicates a surge in the Exchange Whale Ratio, which could potentially have a negative impact on Bitcoin’s price. Traders and investors should carefully monitor these factors to make informed Investment decisions..
#BTC #Weekly #Crash #Bitcoin #Price #Analysis
From a technical Analysis perspective, the daily chart shows a bearish divergence between the price and the RSI indicator, leading to a forceful rejection and a breach of the 100-day and 200-day moving averages. This indicates an overall bearish sentiment in the Market. The price has now reached the pivotal support zone of $25,000, which has historically served as crucial psychological support. If this support holds and there is an increase in buying activity, a reversal could be anticipated. However, if the support is breached, the price may drop further towards the support level at $20,000.
Looking at the 4-hour chart, the price is currently oscillating between the resistance at $30,000 and the support at $25,000. Despite the recent decline, the $25,000 support level has the potential to prevent further short-term declines due to existing demand. A positive response within this range could lead to an upward trajectory towards the resistance at $30,000. On the other hand, a dip below $25,000 may trigger a more extended bearish phase and a decline towards lower support regions.
On-chain analysis using the “Exchange Whale Ratio” reveals that the ratio between the top 10 significant inflows and the total inflow volume on cryptocurrency exchanges has surged. This indicates significant funds from prominent players, or “whales,” being transferred into exchanges. Historical trends show that a rebound in this ratio often has a negative impact on Bitcoin’s price. In February 2018, as the ratio rebounded from an all-time low, the price of Bitcoin reached its peak and subsequently declined. Therefore, a sudden surge in the ratio could potentially indicate a downward trajectory for Bitcoin’s price.
In summary, Bitcoin’s price has encountered rejection near $30,000 and is now consolidating near the crucial support level of $25,000. Technical analysis suggests that the response within this support zone will determine the future direction of the price. On-chain analysis indicates a surge in the Exchange Whale Ratio, which could potentially have a negative impact on Bitcoin’s price. Traders and investors should carefully monitor these factors to make informed Investment decisions..
#BTC #Weekly #Crash #Bitcoin #Price #Analysis
