Bitcoins Downtrend Persists as Bearish Sentiment Strengthens Technical Analysis

Bitcoin's price as of June 19, 2024, stands at $65,283, moving between $64,149 and $65,633 throughout the day. The cryptocurrency recorded a trading volume of approximately $31.28 billion and holds a market cap of $1.28 trillion.
Bitcoin's various indicators paint a mixed picture of market sentiment. The RSI sits at 41, indicating neutrality, while the Stochastic oscillator remains at 17 and the CCI shows a bullish trend at -124. However, the momentum indicator and MACD both signal a sell, hinting at underlying bearish pressures.
Moving averages reveal a bearish trend during Wednesday's trading sessions. Short to mid-term EMAs and SMAs point to bearish patterns, with values ranging from $66,614 to $66,743. The 20-period and 30-period EMAs and SMAs also suggest negative sentiment, ranging from $67,242 to $67,996. Long-term moving averages offer mixed signals, with the 100-period EMA indicating bullishness at $64,291, while the 200-period EMA and SMA suggest bullishness at $57,680 and $57,043, respectively.
The daily chart displays a clear downward trend from a high of $71,958, with strong resistance at $71,958 and support around $64,032. Recent patterns of downturns with high volume indicate ongoing selling pressure, confirming a potential continuation of the downtrend.
On the 4-hour chart, bitcoin reflects the daily trend with a downward trajectory, forming a lower high at $67,314 and a lower low at $64,032. The chart shows intermittent consolidation and selling pressure, with increased volume during downward moves supporting a strong bearish sentiment.
The hourly chart reveals a detailed view of bitcoin's decline, with a double bottom around $64,032 suggesting short-term support. Resistance is noted near $65,937, with spikes indicating potential short-term rebounds. Volume fluctuations on both downturns and upswings suggest significant trading activity and possible reversal attempts.
In conclusion, the long-term moving averages hint at potential support around $57,000, indicating a possible foundation for a future rally. However, the prevailing bearish indicators and consistent selling pressure across various timeframes suggest further declines unless there is a notable shift in market sentiment or buying activity. Sign up for weekly price analysis updates by registering your email. Share your thoughts on bitcoin's market action in the comments section below.