You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/bitcoin-shows-signs-of-falling-below-critical-range/" data-wpel-link="internal">Bitcoin Shows Signs of Falling Below Critical Range</a> 
Bitcoin (BTC) shows signs of falling below a critical range, indicating bears’ dominance. For the past five months, price action has been in a consolidation phase, with expectations of surpassing the $70,000 level unmet. Technical indicators suggest more action before reaching the $70,000 level. 
<h2 style="text-align: justify" id="strong-bulls-fail-to-show-strength-in-bitcoin-strong">Bulls Fail to Show Strength in Bitcoin</h2> 
Since the beginning of 2023, Bitcoin has seen a parabolic recovery, but in the first half of 2024, it started trading within a descending parallel channel formation. This formation caused a ripple effect, increasing the bears’ influence on the <a href="https://en.coin-turk.com/bitcoin-price-faces-challenges-amid-market-uncertainty/" data-wpel-link="internal">cryptocurrency market</a>. Although bulls occasionally supported the price, the selling volume surpassed their support, increasing the downward pressure on Bitcoin. 
<img loading="lazy" loading="lazy" decoding="async" class="aligncenter size-full wp-image-378571" src="https://coin-turk.com/wp-content/uploads/2024/08/Bitcoin-Paralel-Kanal-Formasyonu.png" alt="" width="1600" height="780"> 
Bitcoin’s recent pullback from the $70,000 level caused the price to drop to $64,000. Large <a href="https://finance.coin-turk.com/" data-wpel-link="exclude">investors</a> (whales) played a significant role in this decline, and the price fell below the 200-day Moving Average (MA) on the daily timeframe. The price falling below the critical MA level had a negative impact on the markets and hindered Bitcoin’s price recovery. 
<h2 style="text-align: justify" id="strong-control-may-shift-to-bears-strong">Control May Shift to Bears</h2> 
Currently, Bitcoin’s <a href="https://newslinker.co/what-are-the-future-technologies/" target="_blank" rel="noopener" data-wpel-link="exclude">future</a> price action is highly uncertain. The uncertainty is expected to give way to a decline, with an important bearish signal, the Death Cross, anticipated to occur soon. This signal is expected to form with the downward crossover of the 50-day and 200-day MAs, indicating that bears have taken full control and a new downtrend is likely to begin. 
Bitcoin’s inability to rise above the average range of the descending parallel channel during the recovery process has raised questions about the next price movement. 
Trading volume fluctuates constantly between bulls and bears, leading to uncertain price movements. This weekend’s price action could be crucial in determining the next step for the largest cryptocurrency. 
<h5>The post first appeared on COINTURK NEWS: <a href="https://en.coin-turk.com/bitcoin-shows-signs-of-falling-below-critical-range/" data-wpel-link="internal">Bitcoin Shows Signs of Falling Below Critical Range</a></h5>
The post <a href="https://en.coin-turk.com/bitcoin-shows-signs-of-falling-below-critical-range/" data-wpel-link="internal">Bitcoin Shows Signs of Falling Below Critical Range</a> appeared first on <a href="https://en.coin-turk.com" data-wpel-link="internal">COINTURK NEWS</a>.

Bitcoin Shows Signs of Falling Below Critical Range

Table of Contents

COINTURK NEWS

Other articles published on Aug 10, 2024

Perplexity’s popularity surges, takes competition in AI search head-on

Ark Invest dumps 400 units each of two ETFs that track Ethereum futures

Major Vulnerability in Solana Secretly Fixed by Developers

Bitfarms Stock Surges 22% Following Strong Q2 Performance

Major US Carriers Test Helium Network for Traffic Offloading, HNT Soar

Sonic Testnet Surpasses 1 Million Users, Showcases Web3 Gaming Potential

Join our free newsletter for daily crypto updates!