Bitcoin

Daily

<ul class="list-ic vertical"> 
 <li> 1 <a>The Bitcoin price declined again, failing to surpass the $70,100 resistance level.</a> </li> 
 <li> 2 <a>The price breaks below the $68,000 mark, showcasing bearishness.</a> </li> 
 <li> 3 <a>BTC crypto’s price broke the 20 exponential moving average.</a> </li> 
</ul> 
The Bitcoin price plunged down by almost 2.43% on a daily timeframe at the time of writing. The largest crypto asset is down to a one-week low. BTC smashed its all-time high of $73,798 in March; since then, it has been in a consolidation phase.&nbsp;&nbsp; 
Moreover, as per the Santiment analysis, the daily active addresses have declined since the beginning of March, which is a bearish sign.&nbsp; 
<h2 class="wp-block-heading" id="strong-bitcoin-active-addresses-declined-what-does-it-mean-strong">Bitcoin Active Addresses Declined: What Does It Mean?</h2> 
Bitcoin active addresses have shown a continuous decline since the beginning of March. According to the Santiment data, the number of 24-hour and 7-day active addresses is declining. <iframe loading="lazy" title="Santiment Chart: Active Addresses 24h (BTC), Active Addresses 7d (BTC)" width="1170" height="425" src="https://embed.santiment.net/chart?ps=bitcoin&amp;pt=BTC&amp;df=2024-03-10T00%3A00%3A00.000Z&amp;dt=2024-06-04T18%3A29%3A59.096Z&amp;emcg=1&amp;emhwm=1&amp;wm=active_addresses_24h%3Bactive_addresses_7d&amp;wc=%238d67f5%3B%2337D7BA&amp;ws=%7B%22interval%22%3A%221d%22%7D%3B%7B%22interval%22%3A%221d%22%2C%22node%22%3A%22filledLine%22%7D" scrolling="no"></iframe> 
The decrease in <a href="https://www.thecoinrepublic.com/2024/06/10/two-months-of-mining-supply-in-one-week-will-bitcoin-etf-surge/" target="_blank" rel="noreferrer noopener">Bitcoin </a>active addresses is a bearish indication that signals a decline in the on-chain demand. 
<h3 class="wp-block-heading" id="strong-bitcoin-gave-a-breakdown-below-rising-wedge-pattern-strong">Bitcoin Gave a Breakdown Below Rising Wedge Pattern</h3> 
Bitcoin price gave a breakdown to a rising wedge pattern, showcasing bearishness on the daily technical chart. The rising wedge pattern forms after an uptrend and signals a trend reversal in price. 
If the BTC price follows the pattern, it could correct to the level of $60.00. However, the 50-day and 200-day EMA levels are acting as support for the price, preventing it from further downside.&nbsp;  
<a href="https://in.tradingview.com/chart/BTCUSD/6WhokEmp-BTC/"></a> <a href="https://in.tradingview.com/u/writer12_gsm/"></a> on <a href="https://in.tradingview.com/"></a>  
Moreover, the BTC price has struggled in a parallel channel for the last 3 months. In May, its price headed from key support to resistance.&nbsp;&nbsp; 
At the time of writing, the Bitcoin price was trading at the level of $67,758.78 with a 24-hour drawdown of 2.43%, demonstrating a bearish trend on the technical chart. 
Press time, the BTC holds a market cap of $1.34 Trillion, and in the last 24 hours, the volume has surged by 94.43%, showcasing a good amount of buying and selling activity. The volume to market cap ratio of the last 24 hours is 2.07%, suggesting that BTC has good liquidity. 
<h3 class="wp-block-heading" id="strong-decoding-bitcoin-indicators-on-the-daily-technical-chart-strong">Decoding Bitcoin Indicators on the Daily Technical Chart</h3> 
When writing, the BTC price traded above the 50-day and 200-day exponential moving averages, showcasing the bullish trend. 
According to the indicator summary of TradingView, out of 26 indicators, 10 are on the sell side, 10 are on the neutral side, and 6 are on the buying side. It suggests that the indicators give a bearish outlook and a negative perspective on the BTC price. 
The RSI and MACD indicators also showcase the bearishness on the daily timeframe chart. The RSI curve is trading below the middle line at 48, suggesting bearish moves. Additionally, the MACD and signal curve showcase a bearish cross, indicating weakness. 
<h4 class="wp-block-heading">Summary&nbsp;</h4> 
Bitcoin price action suggests a bearish trend as the price rejected the upper trendline. Besides, it was down by almost 2.5% in the previous trading session. Moreover, major indicators like MACD and RSI also have a bearish outlook. 
<h4 class="wp-block-heading">Disclaimer</h4> 
The analysis given above is for informational and educational purposes only. You should not take it as financial, investment, or other advice. Investing in or trading crypto assets is risky. Please consider your circumstances and risk profile before making any investment decisions.

The Bitcoin Price Dropped Below The One-Week Low; Will It Rebound?

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Thecoinrepublic.com

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