bullish

Bitcoin

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<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/bitcoin-faces-potential-downtrend" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin Faces Potential Downtrend</a><br></p>
<p style="text-align: justify"><a href="https://en.bitcoinhaber.net/renowned-crypto-analyst-suggests-bitcoin-mirroring-past-amazon-stock-patterns" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin</a> (BTC) is exhibiting signs of slipping below a crucial price range, signaling the dominance of bearish sentiment. Over the past five months, Bitcoin’s price has been consolidating, failing to break past the $70,000 level. Technical analysis indicates that more movement is required before Bitcoin can surpass this key threshold.</p>
<h2 id="can-bulls-regain-control">Can Bulls Regain Control?</h2>
<p style="text-align: justify">Since the onset of 2023, Bitcoin has experienced a strong recovery, but in the first half of 2024, it entered a descending parallel channel formation. This pattern has amplified bearish influence in the cryptocurrency market. Although bullish efforts to support the price have been observed, the selling pressure outweighed their efforts, intensifying the downward trajectory for Bitcoin.</p>
<p style="text-align: justify">A recent pullback saw Bitcoin’s price drop from $70,000 to $64,000. Large <a href="https://finance.coin-turk.com/" rel="noopener noreferrer nofollow" target="_blank" data-wpel-link="exclude">investors</a>, often referred to as whales, played a key role in this decline. The price falling below the 200-day Moving Average (MA) on the daily chart has negatively impacted market sentiment and impeded Bitcoin’s price recovery.</p>
<h2 id="will-bears-take-control">Will Bears Take Control?</h2>
<p style="text-align: justify">The <a href="https://newslinker.co/what-are-the-future-technologies/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="exclude">future</a> of Bitcoin’s price movement remains highly uncertain. This ambiguity might soon translate into a downtrend, with an imminent bearish signal known as the Death Cross expected. This signal, which manifests when the 50-day MA crosses below the 200-day MA, suggests bears could gain full control, initiating a new phase of decline.</p>
<p style="text-align: justify">During the recovery process, Bitcoin’s failure to break above the median range of the descending parallel channel has raised concerns about its next price direction. Volatility in trading volumes between bulls and bears continues to cause unpredictable price actions. The market activity over the upcoming weekend could be pivotal in determining Bitcoin’s next steps.</p>
<h2 id="key-inferences-for-investors">Key Inferences for Investors</h2>
<ul>
 <li>Monitor the 50-day and 200-day Moving Averages for the potential Death Cross.</li>
 <li>Watch for significant whale activity which could influence price movements.</li>
 <li>Analyze trading volumes to gauge market sentiment and potential direction.</li>
 <li>Pay attention to weekend price actions for short-term trend indicators.</li>
</ul>
<p style="text-align: justify">The weekend’s trading activity could play a crucial role in shaping Bitcoin’s near-term trajectory. Investors should remain vigilant for any signals that might indicate a further decline or a potential bullish resurgence.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/bitcoin-faces-potential-downtrend" data-wpel-link="internal" rel="noopener noreferrer nofollow">Bitcoin Faces Potential Downtrend</a></h5>

Bitcoin Faces Potential Downtrend

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