Reserve

Bitcoin

April

<div class="finbold">
 <p class="paragraph">Bitcoin (BTC) and the broader cryptocurrency market are grappling with bearish pressure. Notably, the maiden digital asset is experiencing difficulty sustaining trading levels above $60,000, and some market participants anticipate further downside.</p>
 <p class="paragraph">In this line, in a <em>TradingView</em> post on May 10, crypto trading expert <em>TradingShot</em> indicated that, according to technical indicators, Bitcoin might encounter additional losses as it contends with <a rel="noopener noreferrer nofollow" title="rejection" href="https://thebittimes.com/tag/rejection.html">rejection</a> at critical levels.</p>
 <p class="paragraph">The analyst observed that repeated <a rel="noopener noreferrer nofollow" title="rejection" href="https://thebittimes.com/tag/rejection.html">rejection</a>s at the one-day moving average 50 (1D MA50) around the $65,000 position had marred Bitcoin’s recent price action around the $65,000 position. This movement marks the third <a rel="noopener noreferrer nofollow" title="rejection" href="https://thebittimes.com/tag/rejection.html">rejection</a> almost a month since the bearish breakout on April 13.&nbsp;</p>
 <div class="border border-red-300 rounded-xl p-6 not-prose mb-6">
  <h3 class="text-2xl font-black mt-0 flex gap-x-3 mb-5">
   <svg width="32" height="32" viewbox="0 0 32 32" fill="none" xmlns="//www.w3.org/2000/svg"><path d="M4 10.6665V25.3332C4 28.2678 6.392 29.3332 8 29.3332H28V26.6665H8.016C7.4 26.6505 6.66667 26.4078 6.66667 25.3332C6.66667 24.2585 7.4 24.0158 8.016 23.9998H28V5.33317C28 3.8625 26.804 2.6665 25.3333 2.6665H8C6.392 2.6665 4 3.73184 4 6.6665V10.6665ZM8 5.33317H25.3333V21.3332H6.66667V6.6665C6.66667 5.59184 7.4 5.34917 8 5.33317Z" fill="#EF4444"> 
    </path> <path d="M15.996 18.6668L20.4626 14.2815C20.738 14.0166 20.9571 13.6989 21.1068 13.3473C21.2564 12.9957 21.3336 12.6176 21.3336 12.2355C21.3336 11.8534 21.2564 11.4752 21.1068 11.1236C20.9571 10.7721 20.738 10.4543 20.4626 10.1895C19.9074 9.64148 19.1587 9.33422 18.3786 9.33422C17.5985 9.33422 16.8498 9.64148 16.2946 10.1895L15.996 10.4801L15.6973 10.1881C15.1423 9.64023 14.3938 9.33301 13.614 9.33301C12.8341 9.33301 12.0856 9.64023 11.5306 10.1881C11.2552 10.453 11.0361 10.7707 10.8865 11.1223C10.7368 11.4739 10.6597 11.852 10.6597 12.2341C10.6597 12.6162 10.7368 12.9944 10.8865 13.346C11.0361 13.6975 11.2552 14.0153 11.5306 14.2801L15.996 18.6668Z" fill="#EF4444"> 
    </path>
   </svg> Picks for you</h3>
  <div class="grid md:grid-cols-2 gap-x-10 gap-y-3 md:gap-y-5 divide-y divide-gray-300 md:divide-y-0">
   <div class="md:odd:pr-4 md:odd:border-r odd:border-gray-300 pt-3 first:pt-0 md:pt-0">
    Buy signal for two oversold cryptocurrencies this May <span class="self-center text-xs text-slate-500">57 mins ago</span>
   </div>
   <div class="md:odd:pr-4 md:odd:border-r odd:border-gray-300 pt-3 first:pt-0 md:pt-0">
    Britain’s gold sell-off in 1999 has cost the U.K. £21 billion <span class="self-center text-xs text-slate-500">2 hours ago</span>
   </div>
   <div class="md:odd:pr-4 md:odd:border-r odd:border-gray-300 pt-3 first:pt-0 md:pt-0">
    Here's why you should closely watch these 2 cryptocurrencies in May <span class="self-center text-xs text-slate-500">3 hours ago</span>
   </div>
   <div class="md:odd:pr-4 md:odd:border-r odd:border-gray-300 pt-3 first:pt-0 md:pt-0">
    Dogecoin’s ‘golden cross’ could spark a 100% price rally for DOGE&nbsp; <span class="self-center text-xs text-slate-500">3 hours ago</span>
   </div>
  </div>
 </div>
 <div class="mb-4 bg-slate-50 rounded-md layout-adjustment">
  <div id="finbold.com_middle" style="min-width: 300px; min-height: 250px;">
  </div>
 </div>
 <figure class="wp-block-image aligncenter size-large"><img decoding="async" width="1024" height="571" src="https://cdn.thebittimes.com/images/2024/05/11/dd38a9f486751ef93ab594ca2e1b9508.webp" alt class="wp-image-175361" srcset="https://cdn.thebittimes.com/images/2024/05/11/dd38a9f486751ef93ab594ca2e1b9508.webp 1024w, https://cdn.thebittimes.com/images/2024/05/11/dd38a9f486751ef93ab594ca2e1b9508.webp 300w, https://cdn.thebittimes.com/images/2024/05/11/dd38a9f486751ef93ab594ca2e1b9508.webp 768w, https://cdn.thebittimes.com/images/2024/05/11/dd38a9f486751ef93ab594ca2e1b9508.webp 1121w" sizes="(max-width: 1024px) 100vw, 1024px">
  <figcaption class="wp-element-caption"><em>Bitcoin price analysis chart. Source: TradingView/TradingShot</em>
  </figcaption>
 </figure>
 <p class="paragraph">Therefore, this failure to sustain momentum above this key moving average raises concerns among traders and analysts.</p>
 <h2 class="wp-block-heading" id="h-implication-of-bitcoin-s-setbacks-nbsp">Implication of Bitcoin’s setbacks&nbsp;</h2>
 <p class="paragraph">Additionally, the analyst noted that Bitcoin’s latest setback has seen it break below the 1D MA100 by around $61,000, a crucial support level. According to <em>TradingShot,</em> this development is far from ideal, potentially paving the way for a lower low in Bitcoin’s price action.</p>
 <blockquote class="wp-block-quote">
  <p class="paragraph">“The technical structure since April 08 is a Channel Down nonetheless, so such feat is certainly possible on the short-term. As you can see from past 1D MA50 bearish break-outs, BTC tends to get more than 2 <a rel="noopener noreferrer nofollow" title="rejection" href="https://thebittimes.com/tag/rejection.html">rejection</a>s and excluding January 2024, it has stayed below the 1D MA100 for longer,”&nbsp; the expert said.&nbsp;</p>
 </blockquote>
 <p class="paragraph">What makes the current situation particularly noteworthy is the potential for Bitcoin to experience a <a rel="noopener noreferrer nofollow" title="significant" href="https://thebittimes.com/tag/significant.html">significant</a> decline. The expert pointed out that should a lower low be established; Bitcoin would not only test the 1D MA200, around the $50,000 mark, but also approach a nearly 30% decline from its recent record high of above $73,000.&nbsp;</p>
 <p class="paragraph"><em>TradingShot</em> underscored that such a decline is not uncommon during bull cycle rallies, suggesting that Bitcoin’s current woes may be part of a broader market correction. However, for investors and traders, the implications of these technical indicators point towards further downside potential for Bitcoin in the near term.</p>
 <h2 class="wp-block-heading" id="h-bitcoin-s-bullish-sentiments-nbsp">Bitcoin’s bullish sentiments&nbsp;</h2>
 <p class="paragraph">It’s worth noting that Bitcoin remains entrenched below the crucial $65,000 resistance level as the market anticipates the onset of the post-halving rally. Despite short-term bullish sentiments, Bitcoin has struggled to gain momentum, failing to capitalize on positive news, such as the revelation of banking giant JPMorgan Chase’s (NYSE: JPM) exposure to exchange-traded funds (ETFs).&nbsp;</p>
 <p class="paragraph">Notably, the dynamics surrounding ETFs, including inflows and outflows, have influenced Bitcoin’s recent price trajectory.</p>
 <p class="paragraph">Despite the prevailing cautious sentiment, an underlying bullish outlook persists within the market. Notably, Jack Dorsey, former CEO of Twitter (now X) and a prominent figure in the cryptocurrency space, voiced optimism, projecting a potential surge for Bitcoin to $1 million by 2030.&nbsp;</p>
 <p class="paragraph">Moreover, optimism is bolstered by expectations of the traditional post-halving rally, which historically has injected bullish momentum into Bitcoin’s price.</p>
 <h2 class="wp-block-heading" id="h-bitcoin-price-analysis">Bitcoin price analysis</h2>
 <p class="paragraph">At the time of reporting, Bitcoin was exchanging hands at $61,050, registering a marginal correction of less than 0.1% over the past 24 hours. However, Bitcoin has experienced a decline of nearly 4% every week.</p>
 <figure class="wp-block-image aligncenter size-full"><img decoding="async" width="675" height="550" src="https://cdn.thebittimes.com/images/2024/05/11/ca5de4cb0f7d823f98b954b734c9388a.webp" alt class="wp-image-175359" srcset="https://cdn.thebittimes.com/images/2024/05/11/ca5de4cb0f7d823f98b954b734c9388a.webp 675w, https://cdn.thebittimes.com/images/2024/05/11/ca5de4cb0f7d823f98b954b734c9388a.webp 300w" sizes="(max-width: 675px) 100vw, 675px">
  <figcaption class="wp-element-caption"><em>Bitcoin seven-day price chart. Source: Finbold</em>
  </figcaption>
 </figure>
 <p class="paragraph">As Bitcoin navigates through a period of consolidation amidst bearish conditions, investors should also monitor developments in Federal Reserve monetary policies, as they are poised to exert <a rel="noopener noreferrer nofollow" title="significant" href="https://thebittimes.com/tag/significant.html">significant</a> influence on risk assets, including cryptocurrencies.</p>
 <p class="paragraph"><strong><em>Disclaimer:</em></strong><em>&nbsp;The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.</em></p>
</div>
<p>Source: <a rel="noopener noreferrer nofollow" target="_blank" href="https://thebittimes.com/more-bitcoin-bleeding-ahead-btc-faces-significant-rejection-as-bears-take-control-tbt88085.html">https://thebittimes.com/more-bitcoin-bleeding-ahead-btc-faces-significant-rejection-as-bears-take-control-tbt88085.html</a></p>

More Bitcoin bleeding ahead; BTC faces significant rejection as bears take control

목차

TheBitTimes

2024년 5월 11일에 게재된 다른 기사

Dogecoin (DOGE) on Verge of Rare Weekly Golden Cross?

SEC Responds to Third Circuit APA Challenge, Asserts No Obligation to Explain Policy Decision

Top 10 Altcoins For 2024 & 2025 Bull Market!

DOJ Appoints Forensic Risk Alliance as Binance’s Compliance Monitor

Cyberpunk 2077 Game Achieves “Overwhelmingly Positive” rating on Steam

SEC, Ripple case nears conclusion, Grayscale withdraws ETF filing, and more: Hodler’s Digest, May...

무료 뉴스레터에 가입하여 매일 최신 암호화폐 소식을 받아보세요!