Sunday, June 23, 2024

Bitcoin Faces Short-Term Downturn, Support at $65K Crucial.

Short-term bitcoin (BTC) price movement is being monitored by technical indicators, which have turned negative and placed critical support below $65,000.

The 10-day momentum of the cryptocurrency, which contrasts the current market price with that of a week ago, has dropped below zero, signifying a new wave of negative momentum. The momentum indicator is used by traders to identify trend exhaustion and validate market movements.

In a similar vein, the 26-day and 12-day exponential moving averages are used in the moving average convergence divergence (MACD) histogram, which has gone negative. Crossovers beneath zero on the indicator, which is commonly used to identify trend changes, indicate price losses.

According to economists, rising U.S. Treasury yields represent a negative risk to bitcoin, and both signs point to the downside as the path of least resistance.

The important support to look out for is the fundamental 50-day simple moving average, which is at $64,870. If the U.S. inflation numbers, which are expected later on Friday, outperform expectations, there would be a greater chance of a decline toward the same.

The barrier that the bulls must overcome is at the upper end of the channel, which is shown by trendlines joining the highs and lows made in March and April. A move higher would indicate that the overall uptrend has resumed.

Cryptured Team
Cryptured Team
The writers team at Cryptured.com is composed of passionate and experienced journalists who cover the latest developments in the crypto and blockchain space. They aim to provide accurate, unbiased and easy-to-understand news and information for their readers, as well as insights and analysis from industry experts. The writers team is always on the lookout for new and exciting stories that can help the general public learn more about the potential and challenges of these technologies.
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