TRENDING:
Oil price
XAU/USD
EUR/USD
GBP/USD
Silver
Sponsored by
|

BTC/USD outlook: Bitcoin accelerates lower and cracks important supports

BTC/USD outlook: Bitcoin accelerates lower and cracks important supports
Slobodan DrvenicaSlobodan DrvenicaWindsor Brokers

BTC/USD

BTCUSD fell to the lowest in six weeks on Thursday, with daily loss of over 3% seen on acceleration of the bear-leg that extends into third consecutive day.

Fresh rise in oil prices on renewed tensions in the Middle East, was mainly behind today’s drop, which cracked 100DMA (73017) and pressured next significant support at 72221, provided by the base of daily Ichimoku cloud.

Bearish daily studies (strengthening negative momentum; 1055DMA and 20/30DMA bear crosses) contribute to negative near term outlook, with sustained break below 100DMA, daily cloud and nearby Fibo 61.8% of 64929/82463 (71627), to unmask psychological 70K support.

Meanwhile, bears may take a breather before final push lower, with limited upticks on partial profit-taking to provide better levels to re-enter bearish market.

Cloud top, reinforced by falling Tenkan-sen (75400) should cap upticks and keep bears in play.

Res: 73696; 75400; 75765; 77709.
Sup: 72221; 71627; 70000; 69067.

Chart

Author

Slobodan Drvenica

Slobodan Drvenica

Windsor Brokers

Industry veteran with over 22 years’ experience, Slobodan Drvenica joined Windsor Brokers in 1995 when he was an active trader for more than 10 years, managing the trading desk and own account departments.

More from Slobodan Drvenica
Share:

Editor's Picks

Has Bitcoin really escaped the macro forces it was built to fight?

Has Bitcoin really escaped the macro forces it was built to fight?

Over 17 years ago, Satoshi Nakamoto designed Bitcoin on the back of a global financial crisis as an alternative to the global monetary system outside the control of central banks, governments and traditional intermediaries. This raises a key question: has Bitcoin really become independent of the macroeconomic forces it was built to challenge?

Ethereum activates Glamsterdam on Sepolia testnet: Why the price is falling anyway

Ethereum activates Glamsterdam on Sepolia testnet: Why the price is falling anyway

Ethereum (ETH) has reached a key milestone in its next major network upgrade. The planned changes aim to improve Ethereum’s Layer 1 capacity and efficiency as network activity grows. The development comes as ETH retreats toward $2,500.

Bitcoin Weekly Forecast: Uptober or Rektober?

Bitcoin Weekly Forecast: Uptober or Rektober?

Bitcoin (BTC) price is down over 4% so far this week, trading below $83,000 at the time of writing on Friday as mounting selling pressure threatens to derail the seasonal “Uptober” rally. Profit-taking, a surge in long liquidations and weakening demand from institutional investors are weighing on BTC.

Ripple bulls gather recovery momentum amid returning ETF inflows

Ripple bulls gather recovery momentum amid returning ETF inflows

Ripple (XRP) trades largely in bearish hands on Friday near $1.40. Although the remittance token has stabilized after a sharp sell-off from weekly highs of $1.53 to lows around $1.32, the path of least resistance remains downward, unless buyers affirm a daily close above the pivotal $1.40 level.

Bitcoin: Uptober or Rektober?

Bitcoin: Uptober or Rektober?

Bitcoin (BTC) price is down over 4% so far this week, trading below $83,000 at the time of writing on Friday as mounting selling pressure threatens to derail the seasonal “Uptober” rally. Profit-taking, a surge in long liquidations and weakening demand from institutional investors are weighing on BTC.