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Are Traders Bearish on Bitcoin Amid the Current Market Collapse?

Published 06/11/2024, 06:48 PM
Updated 06/11/2024, 10:15 PM
Are Traders Bearish on Bitcoin Amid the Current Market Collapse?

The News Crypto -

  • Bitcoin faces bearish pressure but potential rebound signals noted.
  • Significant Bitcoin withdrawals indicate bullish investor sentiment.

Bitcoin has encountered a tumultuous ride in recent days, grappling with a formidable bearish onslaught since the weekend. With BTC hitting a nine-day low of approximately 67,212, just hours ago, its current valuation stands at $67,417, marking a 2.83% decline. Despite the downward spiral, trading volume has surged by 2.87%. Over the past week, Bitcoin has experienced a 1.87% dip, while over the month, it boasts a commendable 10% ascent.

In tandem with Bitcoin’s fluctuations, the global crypto market cap has witnessed a 3.04% decrease, resting at $2.45 trillion. However, the total market volume over the last 24 hours soared to $86.82 billion, signifying a substantial 61.59% surge. Bitcoin’s dominance stands at 54.17%, marking a marginal uptick of 0.09% throughout the day.

Despite an ambitious attempt to breach the $70,000 threshold, Bitcoin was met with resolute resistance, experiencing a rapid plummet of over $2,000 within a mere hour. This setback echoed across the altcoin spectrum, with Ethereum shedding 4.3% to settle at $3,512.

Amid this volatile landscape, technical indicators present a glimmer of hope. The TD Sequential signals a buying opportunity on Bitcoin’s hourly chart, forecasting a potential rebound spanning one to four candlesticks.

Meanwhile, the crypto community’s scrutiny intensifies as market analysts dissect Bitcoin’s recent movements. A noteworthy revelation from 10X Research unveils the withdrawal of nearly 100,000 Bitcoins from exchanges in the past month, amounting to approximately $6.75 billion. This massive exodus underscores a burgeoning bullish sentiment among investors, typically signaling an intent to hodl rather than liquidate assets.

BTC Bears To Prevail?

Delving deeper into Bitcoin’s trajectory, the daily chart paints a nuanced picture. The digital asset finds itself entrenched in a bearish trend, with the 9-day Exponential Moving Average resting at $68,993. Meanwhile, the daily Relative Strength Index (RSI) hovers at 55, indicative of a neutral stance.

Looking ahead, Bitcoin’s fortunes hang precariously in the balance. Should the bulls sustain their momentum, the coveted $70,758 mark beckons as the next milestone, with $71,967 looming thereafter. Conversely, a resurgence of bearish sentiment could precipitate a descent to $65,196, potentially finding support at the $63,423 level.

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