Tanya Abrosimova
Independent Analyst
- Matti Greenspan says we need more effort to tame the bears.
- BTC/USD is capped by DMA50.
Bitcoin dipped under $3,600 and continued to move down. BTC/USD is changing hands at $3,575, down 0.6% since this time on Monday. The first digital asset has valet a victim to profit-taking on short-term speculative positions. However, it has a chance to resume the upside as long as it stays above $3,540-$3,500 area.
Meanwhile, Matti Greenspan from eToro warns that the cryptocurrency market is not out of the woods yet. According to the expert, we need a much more profound upside push to tame the bears.
“In order to say definitively that the bear market is over, we would need a strong break above the key psychological barrier of $5,000. In any case, even though the technical indicators remain bearish, the fundamentals continue to grow stronger. Volume across crypto exchanges over the last 24 hours have reached a fresh high of $25 billion on Friday and have sustained well above the baseline of $15 billion since” he explained.
Bitcoin’s technical picture
From the longer-term point of view, BTC/USD is still effectively capped by $3,650 area, strengthened by DMA50. Meanwhile, the ultimate pivot point is located above $4,000 handle and guarded by DMA100. BTC/USD haven’t been trading above DMA100 since September 5, 2018. However, considering the downward-looking RSI on the daily chart, an extended upside looks less likely at this point.
On the downside, a sustainable move below $3,500 will signal that the recovery attempt is over and bring the area below $3,400 back into focus.
BTC/USD, daily chart
Note: All information on this page is subject to change. The use of this website constitutes acceptance of our user agreement. Please read our privacy policy and legal disclaimer. Opinions expressed at FXstreet.com are those of the individual authors and do not necessarily represent the opinion of FXstreet.com or its management. Risk Disclosure: Trading foreign exchange on margin carries a high level of risk, and may not be suitable for all investors. The high degree of leverage can work against you as well as for you. Before deciding to invest in foreign exchange you should carefully consider your investment objectives, level of experience, and risk appetite. The possibility exists that you could sustain a loss of some or all of your initial investment and therefore you should not invest money that you cannot afford to lose. You should be aware of all the risks associated with foreign exchange trading, and seek advice from an independent financial advisor if you have any doubts.
Recommended Content
Editors’ Picks
TRON gains 10% in 2024, supply of stablecoins reaches over $50 billion in Q1
TRON, a blockchain-based digital platform, has seen positive growth in the first quarter of 2024, as seen in a Messari report. TRON noted gains across several metrics like market capitalization, revenue and total value locked.
XRP hovers near $0.50 as Ripple CTO addresses concerns related to stablecoin launch
XRP is hovering near $0.53 on Friday, spending nearly all week below $0.55. Ripple CTO David Schwartz addressed concerns on stablecoin and XRP utility on Thursday.
Terraform Labs set to restrict access for users in the US after recent ruling in SEC lawsuit
Blockchain company Terraform Labs said Thursday that it will restrict access to some of its products and services for US-based users as it expects to receive a court order soon in light of its legal battle against the US Securities and Exchange Commission (SEC).
Bitcoin Weekly Forecast: BTC’s next breakout could propel it to $80,000 Premium
Bitcoin’s (BTC) recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors.
Bitcoin: BTC’s next breakout could propel it to $80,000 Premium
Bitcoin’s (BTC) recent price consolidation could be nearing its end as technical indicators and on-chain metrics suggest a potential upward breakout. However, this move would not be straightforward and could punish impatient investors.