Convergence

Source

Bitcoin

Divergence

<ul>
 <li>Bitcoin's price drops below $58K, raising concerns about prospective further declines.&nbsp;&nbsp;</li>  
 <li>The every day chart shows Bitcoin struggling to break free from a descending channel.&nbsp;&nbsp;</li>  
 <li>RSI hovers above overpriced stages, suggesting possible for further drawbacks in the near term.</li> 
</ul>  
BTC has experienced a major drop, crumbling below the $58,000 indication, raising concerns among investors. The coin's fees today stands at $57,677.96, reflecting a 1.18% decline over the previous day.  
Its market capitalisation remains powerful at over $1.139 trillion, despite the lately slump. However, the 24-hour trading volume has decreased by 3.38% to $26.85 billion, indicating a probable shift in sales trajectory. The volume-to-market cap ratio, a key indicator of sales liquidity, currently sits at 2.36%.  
<figure class="wp-block-image"><img src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXdYqy7xyxMdylIt9-SQfSaykDkDslCLjfMEJPjhDGoXzY47e9LuLIwN1G_scWfNZFs8GMSxtxgIT-nPJ9ucUot_p_bqUP83ONCfdnq0aVS-2uEO4LMURlvodTD6TCmfpnonjbHvLomSSvRwlwaa4I4Wj0w?key=fP1LpcAY8ikysjBee3JN0g" alt="">
</figure>  
Source : <a href="https://coinmarketcap.com/currencies/bitcoin/" target="_blank" rel="noopener noreferrer nofollow">coinmarketcap</a>  
The circulating supply of BTC is 19,749,109 BTC, representing 94.04% of its total distribution, which is capped at 21 million BTC. The fully diluted market cap, which assumes the maximum supply is in circulation, stands at approximately $1.211 trillion.  
The technical analysis layout illustrates a intriguing lower movement. The coin’s cost initially held above $59,000, with minor fluctuations, before seeing a sharp decline in the latter part of the trading day. The costs dropped from $59.09K to the current level of $57.68K, signalling a potential bearish trend in the short duration.  
The recent drop below $58K may cause concern among traders, particularly those with long positions. Traders will likely be watching closely for any further lower moves that could indicate a more extended cautious phase. Conversely, those looking to enter the market might see this dip as a prospective buying opportunity, depending on their risk tolerance and financial outlook.  
<h2 class="wp-block-heading" id="h-bitcoin-price-action">Bitcoin Price Action</h2>  
The BTC token has been under substantial selling pressure, falling towards key support levels as bearish sentiment takes hold. Currently trading at around $58,007, the coin is down by 1.90% for the day.  
The 24 hour&nbsp; chart reveals <a href="https://cryptonewsland.com/top-3-bitcoin-wallets-for-secure-storage-in-2024-a-closer-look/" target="_blank" rel="noopener noreferrer nofollow">BTC's </a>ongoing struggle to break free from a descending channel that has been in place since mid-August. The charges recently failed to hold above the $60,000 psychological level, leading to increased bearish motion. The chart also highlights key Fibonacci retracement levels, with the 100% grade sitting just above $60,000, which it attempted to breach without success.  
<figure class="wp-block-image"><img src="https://lh7-rt.googleusercontent.com/docsz/AD_4nXeKdaXZYFATWezTuiQ6cGe9zLgRo264jvFJb_y7dVspS8NMcbA3hmYHtAW4dQb-GXiv3cDirH8Cui0eILb_KB_WCyWFr8QJpH19rPPU9pai04IW_99gy8UG917mh4oSFWc-7ihWn3Zcr4Fgv5j0AQWr2l4?key=fP1LpcAY8ikysjBee3JN0g" alt="">
</figure>  
Source : <a href="https://www.tradingview.com/chart/YP9EFueQ/?symbol=BITSTAMP%3ABTCUSD" target="_blank" rel="noopener noreferrer nofollow">Tradingview</a>  
The Relative Strength Index&nbsp; currently stands at 43.42, hovering just above the overpriced territory. This suggests that while the currency is under stress, it may still have some room to fall before reaching a more critical oversold condition. The Moving Average Convergence Divergence indicator shows a bearish interaction, with the MACD line transitioning below the signal point. This crossover typically indicates that inward momentum may continue in the near term. 
The post <a href="https://cryptonewsland.com/bitcoin-dips-below-58k-as-market-faces-bearish-pressure/" rel="noopener noreferrer nofollow">Bitcoin Dips Below $58K as Market Faces Bearish Pressure</a> appeared first on <a href="https://cryptonewsland.com" rel="noopener noreferrer nofollow">Crypto News Land</a>.

Bitcoin Dips Below $58K as Market Faces Bearish Pressure

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