BTC/USD Technical Analysis: Bulls lose out as Bitcoin breaks below $5,000

Rajarshi Mitra Independent Analyst

BTC/USD Daily Chart

BTC/USD went down from $5,043 to $4,940 in the early hours of Friday.
BTC/USD was trending in a channel before having a bearish breakout this Thursday.
The market is trending above the 20-day simple moving average (SMA 20), SMA 50, and SMA 200 curves.
The signal line has taken a turns and is about to converge with the moving average convergence divergence (MACD) line in the MACD indicator. This indicates decreasing bullish momentum.

BTC/USD 4-Hour Chart

The 4-hour BTC/USD price broke through the support provided by the long-running upward trending line.
The Elliot wave oscillator has had seven consecutive bearish sessions.
The Ichimoku indicator shows that further bearish movement is expected in the future.

BTC/USD Hourly Chart

The hourly BTC/USD chart forms a triangle pattern from which the market has had a bearish breakout.
The price has plummeted below the lower band of the 20-day Bollinger band.
The relative strength index (RSI) indicator has crept into the oversold territory.

Key Levels

BTC/USD

Overview
Today last price	4920.18
Today Daily Change	-121.19
Today Daily Change %	-2.40
Today daily open	5041.37

Trends
Daily SMA20	4556.86
Daily SMA50	4152.39
Daily SMA100	3883.9
Daily SMA200	4629.8

Levels
Previous Daily High	5342.4
Previous Daily Low	4969.03
Previous Weekly High	5347.55
Previous Weekly Low	4052.2
Previous Monthly High	4130.71
Previous Monthly Low	3672.34
Daily Fibonacci 38.2%	5111.66
Daily Fibonacci 61.8%	5199.77
Daily Pivot Point S1	4892.8
Daily Pivot Point S2	4744.24
Daily Pivot Point S3	4519.44
Daily Pivot Point R1	5266.17
Daily Pivot Point R2	5490.96
Daily Pivot Point R3	5639.53

Author

Rajarshi Mitra

Independent Analyst

Rajarshi entered the blockchain space in 2016. He is a blockchain researcher who has worked for Blockgeeks and has done research work for several ICOs. He gets regularly invited to give talks on the blockchain technology and cryptocurrencies.

Bitcoin Weekly Forecast: BTC retreats as macro headwinds grow

Bitcoin (BTC) remains under pressure, down over 4% this week and trading around $76,900 at the time of writing on Friday. Institutional demand shows signs of weakness as spot BTC Exchange Traded Funds (ETFs) are on track to end their three-week inflow streak, recording nearly $500 million in net outflows through Thursday.

XRP falls toward key support as macro uncertainty, weak momentum cap recovery

Ripple (XRP) falls below $1.33 on Friday, marking the third consecutive day of declines. The token continues to track the broader cryptocurrency market downturn, with investors closely monitoring heightened macroeconomic uncertainty ahead of the United States (US) Consumer Price Index (CPI) release and next week’s Federal Reserve (Fed) monetary policy decision.

Crypto Today: Bitcoin, Ethereum, XRP stabilize at lower levels amid ETF outflows and macroeconomic risks

The broader cryptocurrency market is rising on Friday, with Bitcoin (BTC) trading above $77,000 after testing lower support near $76,500. Ethereum (ETH) shows signs of stability, hovering above the support provided at $2,400 despite capped upside at $2,500. Meanwhile, Ripple (XRP) holds above $1.33 after three straight days of declines, reflecting growing headwinds due to macroeconomic uncertainty.

Bitcoin pulls back as another golden cross fails to deliver

Earlier this week, Bitcoin formed a golden cross, a technical signal that occurs when the price’s 50-day moving average rises above the 200-day moving average and is conventionally viewed as a precursor to a bullish rally. Historically, however, that’s often not been the case.