Greed

Bitcoin

Spot

<p>The post <a href="https://coinpedia.org/price-analysis/bearish-charts-indicate-bitcoins-drop-are-we-heading-for-48500/">Bearish Charts Indicate Bitcoin’s Drop: Are We Heading for $48,500?</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a></p> 
<p>The price of Bitcoin has been struggling lately because the market sentiment isn’t great. Let’s break down what’s happening with BTC and why things look a bit gloomy.</p> 
<h2 class="wp-block-heading" id="h-a-tough-spot-for-bitcoin">A Tough Spot for Bitcoin</h2> 
<p>If you’ve been watching Bitcoin’s 1-hour chart, you’ve probably noticed that BTC is stuck at $56,700. It’s caught between the 20 day &amp; 50 day moving averages, kind of like being stuck in a traffic jam.</p> 
<div class="wp-block-image"> 
 <figure class="aligncenter size-large">
  <img decoding="async" width="1024" height="462" src="https://image.coinpedia.org/wp-content/uploads/2024/07/06200203/fib-levels-1024x462.webp" alt="" class="wp-image-323713" srcset="https://image.coinpedia.org/wp-content/uploads/2024/07/06200203/fib-levels-1024x462.webp 1024w, https://image.coinpedia.org/wp-content/uploads/2024/07/06200203/fib-levels-300x135.webp 300w, https://image.coinpedia.org/wp-content/uploads/2024/07/06200203/fib-levels-768x346.webp 768w, https://image.coinpedia.org/wp-content/uploads/2024/07/06200203/fib-levels-1536x692.webp 1536w, https://image.coinpedia.org/wp-content/uploads/2024/07/06200203/fib-levels-150x68.webp 150w, https://image.coinpedia.org/wp-content/uploads/2024/07/06200203/fib-levels.webp 1841w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption">
   Source: TradingView
  </figcaption>
 </figure>
</div> 
<p>The price started dropping from $64,000 and found some support at $53,800. But every time it tries to climb back up, it gets pushed down again by the 50-day moving average at $57,000. Even with some support at the $56,000 level, it’s not giving us much hope.</p> 
<h2 class="wp-block-heading" id="h-rising-wedge-giving-warning">Rising Wedge Giving Warning</h2> 
<p>Right now, the chart shows a rising wedge pattern. This usually isn’t good news. It’s like BTC is trying to climb a slippery hill, and for the past four hours, all the hourly candles have been dojis—small moves that show the market is unsure. This means even a little bit of bad news could push BTC lower, leading to more drops in price.</p> 
<div class="wp-block-image"> 
 <figure class="aligncenter size-large">
  <img decoding="async" width="1024" height="465" src="https://image.coinpedia.org/wp-content/uploads/2024/07/06200235/rising-wedge-1024x465.webp" alt="" class="wp-image-323714" srcset="https://image.coinpedia.org/wp-content/uploads/2024/07/06200235/rising-wedge-1024x465.webp 1024w, https://image.coinpedia.org/wp-content/uploads/2024/07/06200235/rising-wedge-300x136.webp 300w, https://image.coinpedia.org/wp-content/uploads/2024/07/06200235/rising-wedge-768x349.webp 768w, https://image.coinpedia.org/wp-content/uploads/2024/07/06200235/rising-wedge-1536x698.webp 1536w, https://image.coinpedia.org/wp-content/uploads/2024/07/06200235/rising-wedge-150x68.webp 150w, https://image.coinpedia.org/wp-content/uploads/2024/07/06200235/rising-wedge.webp 1827w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption">
   Source: TradingView
  </figcaption>
 </figure>
</div> 
<h2 class="wp-block-heading" id="h-more-bad-news">More Bad News</h2> 
<p>If we check&nbsp; the weekly chart, we see another bad sign there – The double top or “M” pattern. This often signals a big reversal after an uptrend, adding fuel to the negative feeling.</p> 
<div class="wp-block-image"> 
 <figure class="aligncenter size-large">
  <img decoding="async" width="1024" height="400" src="https://image.coinpedia.org/wp-content/uploads/2024/07/06200305/double-top-1024x400.webp" alt="" class="wp-image-323715" srcset="https://image.coinpedia.org/wp-content/uploads/2024/07/06200305/double-top-1024x400.webp 1024w, https://image.coinpedia.org/wp-content/uploads/2024/07/06200305/double-top-300x117.webp 300w, https://image.coinpedia.org/wp-content/uploads/2024/07/06200305/double-top-768x300.webp 768w, https://image.coinpedia.org/wp-content/uploads/2024/07/06200305/double-top-1536x600.webp 1536w, https://image.coinpedia.org/wp-content/uploads/2024/07/06200305/double-top-150x59.webp 150w, https://image.coinpedia.org/wp-content/uploads/2024/07/06200305/double-top.webp 1837w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption">
   Source: TradingView
  </figcaption>
 </figure>
</div> 
<h2 class="wp-block-heading" id="h-never-ending-bearish-signs">Never Ending Bearish Signs</h2> 
<p>The MACD indicator is also showing negative signs. It’s another clue that the bears are in control. The MACD line tried to cross the signal line, however failed.</p> 
<div class="wp-block-image"> 
 <figure class="aligncenter size-large">
  <img decoding="async" width="1024" height="472" src="https://image.coinpedia.org/wp-content/uploads/2024/07/06200320/MACD-1024x472.webp" alt="" class="wp-image-323716" srcset="https://image.coinpedia.org/wp-content/uploads/2024/07/06200320/MACD-1024x472.webp 1024w, https://image.coinpedia.org/wp-content/uploads/2024/07/06200320/MACD-300x138.webp 300w, https://image.coinpedia.org/wp-content/uploads/2024/07/06200320/MACD-768x354.webp 768w, https://image.coinpedia.org/wp-content/uploads/2024/07/06200320/MACD-1536x708.webp 1536w, https://image.coinpedia.org/wp-content/uploads/2024/07/06200320/MACD-150x69.webp 150w, https://image.coinpedia.org/wp-content/uploads/2024/07/06200320/MACD.webp 1833w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption">
   Source: TradingView
  </figcaption>
 </figure>
</div> 
<p>On the other hand, the Fear &amp; Greed Index has also dropped 3 points to 26, showing that fear is increasing in the market compared to yesterday.</p> 
<div class="wp-block-image"> 
 <figure class="aligncenter size-full">
  <img decoding="async" width="803" height="378" src="https://image.coinpedia.org/wp-content/uploads/2024/07/06200720/Fear-and-Greed-index.webp" alt="" class="wp-image-323718" srcset="https://image.coinpedia.org/wp-content/uploads/2024/07/06200720/Fear-and-Greed-index.webp 803w, https://image.coinpedia.org/wp-content/uploads/2024/07/06200720/Fear-and-Greed-index-300x141.webp 300w, https://image.coinpedia.org/wp-content/uploads/2024/07/06200720/Fear-and-Greed-index-768x362.webp 768w, https://image.coinpedia.org/wp-content/uploads/2024/07/06200720/Fear-and-Greed-index-150x71.webp 150w" sizes="(max-width: 803px) 100vw, 803px">
  <figcaption class="wp-element-caption">
   Source: Fear and Greed Index
  </figcaption>
 </figure>
</div> 
<h2 class="wp-block-heading" id="h-btc-might-be-going-to-bears">BTC Might be Going to Bears</h2> 
<p>If the bears keep pushing, Bitcoin’s price could drop all the way down to $48,500. The current patterns and indicators all point to a tough time ahead for BTC.</p> 
<p>Bitcoin’s price is currently struggling. A combination of negative patterns are visible on the chart. Patterns such as the rising wedge and double top, along with negative indicators like the MACD and a decreasing Fear &amp; Greed Index, suggest that sellers are dominating the market. Traders and investors should be cautious, as the market might experience <a href="https://coinpedia.org/news/reasons-bitcoin-might-crash-to-48500-soon/">further declines</a> if the negative sentiment persists. However, it can also be an opportunity for some people.</p>

Bearish Charts Indicate Bitcoin’s Drop: Are We Heading for $48,500?

Table of Contents

CoinPedia News

Other articles published on Jul 6, 2024

Time To Buy The Dip? These Are The Large-Cap Crypto Assets To Watch

Dogwifhat Bearish Trend Leads to (WIF) Low Bulls Support as Meme Coin Chases New Low

Dogwifhat (WIF) Surges Ahead in Weekend Crypto Market Recovery

Final Fantasy 14 hits the highest player count since 2013 with Dawntrail expansion

Best Tokens to Hold in Your Crypto Wallet

MoonBag Top Crypto Presale in 2024 Offers Lucrative 88% APY Staking And Impressive Returns, Outpa...

Join our free newsletter for daily crypto updates!