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<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?

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