Bitcoin experienced a bearish trend on June 24, 2024, with its price hovering around $61,171. Over the past 24 hours, it has fluctuated between $60,580 and $64,384. Despite the decline, BTC's market cap stands at $1.21 trillion, with a trading volume of $19.12 billion, indicating significant market activity. The decline coincided with news from Mt. Gox, where creditors will start receiving bitcoin payments in July.
On the 1-hour chart, Bitcoin showed a sharp drop from around $64,490 to an intraday low of $60,580, accompanied by a surge in volume, indicating strong selling pressure. Key support levels were broken, suggesting the possibility of further downside unless a reversal pattern emerges. Traders are advised to wait for stabilization or consistent increases in volume before considering entry points.
The 4-hour chart revealed a continued downward movement in Bitcoin's price from $66,455 to $60,580, with increased volume supporting the idea of a more significant bearish trend. Entry points should be considered only after confirmation of a reversal pattern or strong support around $60,000. Exit strategies should have been implemented at earlier support breaches to minimize losses.
Looking at the BTC/USD daily chart on Bitstamp, a prolonged downtrend from a high of $71,949 is evident, with sustained high selling volume indicating a bearish sentiment. Long-term holders should keep an eye on critical support levels around $60,000, considering potential exits if these levels are breached.
Oscillators present a mixed picture, with most indicators showing a neutral stance. While the RSI, Stochastic, and CCI suggest neutrality, the momentum indicator and MACD signal bearish sentiment, pointing towards negative momentum.
Moving averages further support the bearish outlook, with short to medium-term EMAs and SMAs indicating bearish action. However, the 200-period EMAs and SMAs present a bullish signal, hinting at possible long-term support.
In conclusion, despite the current bearish trend, the 200-period moving averages suggest potential long-term support. Traders should exercise caution and consider exiting positions if critical support levels are breached to manage risks effectively. For weekly price analysis updates, register your email to receive alerts.
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