Bitcoin

Momentum

Impact

Higher

<p style="text-align: justify">You can also read this news on COINTURK NEWS: <a href="https://en.coin-turk.com/bitcoin-shows-downward-momentum-in-short-term/" data-wpel-link="internal">Bitcoin Shows Downward Momentum in Short Term</a><br></p>
<p style="text-align: justify">Recently, <strong><a href="https://en.coin-turk.com/analysis-of-the-current-status-of-bitcoin-potential-for-spot-etf-approval-and-ongoing-whale-purchases/" data-wpel-link="internal">Bitcoin</a></strong>‘s short-term momentum has been on a downward trend. This situation signals potential negatives for the popular cryptocurrency. Various technical indicators highlight this change, pointing to a significant support level just below $65,000. Investors and analysts should focus on which levels to understand Bitcoin’s <a href="https://newslinker.co" target="_blank" rel="noopener" data-wpel-link="exclude">future</a> price direction.</p> 
<h2 style="text-align: justify" id="what-do-technical-indicators-say-for-bitcoin">What Do Technical Indicators Say for Bitcoin?</h2> 
<p style="text-align: justify">One of the main indicators, which compares the current <a href="https://finance.coin-turk.com/" data-wpel-link="exclude">market price</a> with that of ten days ago, has turned negative. This indicates that <strong>Bitcoin</strong>‘s recent price movements have been downward. Investors rely on the momentum indicator to confirm ongoing market trends and determine when a trend might lose speed. The current negative momentum signals a renewed downward trend in the market.</p> 
<p style="text-align: justify">Another critical indicator, the MACD histogram, has also turned negative. MACD uses 26-day and 12-day exponential moving averages to detect trend changes. A negative <strong>MACD</strong> histogram is a bearish signal and indicates potential price losses. When the MACD falls below zero, it typically signals that the asset has entered a downtrend.</p> 
<h2 style="text-align: justify" id="market-dynamics-and-macroeconomic-factors-may-negatively-impact-btc">Market Dynamics and Macroeconomic Factors May Negatively Impact BTC</h2> 
<p style="text-align: justify">Both momentum and MACD indicators show that the path of least resistance for Bitcoin’s price is downward. This view is supported by analysts who believe that rising US Treasury yields pose a significant downside risk for Bitcoin. Higher yields generally lead to a stronger dollar, causing investors to shift to relatively safer government bonds. Such developments could negatively impact Bitcoin.</p> 
<p style="text-align: justify">The 50-day simple moving average (SMA) is a key support level to watch and is currently at $64,870. The 50-day SMA is a widely followed indicator used to measure an asset’s mid-term trend. If Bitcoin’s price falls below this level, it could signal further declines.</p> 
<p><img loading="lazy" loading="lazy" decoding="async" class="wp-image-358089 size-full aligncenter" src="https://coin-turk.com/wp-content/uploads/2024/05/btc-10.png" alt="" width="1001" height="499"></p> 
<p style="text-align: justify">The likelihood of such a decline increases if the US inflation data expected this week exceeds forecasts. Higher inflation could lead to increased expectations of interest rate hikes, further strengthening the dollar and potentially weakening Bitcoin.</p> 
<h2 style="text-align: justify" id="critical-thresholds-and-potential-scenarios-for-bitcoin">Critical Thresholds and Potential Scenarios for Bitcoin</h2> 
<p style="text-align: justify"><strong>Cryptocurrency</strong> Bitcoin needs to break above the upper end of the channel formed by the trend lines connecting the highest and lowest levels of March and April to continue its broader upward trend.</p> 
<p style="text-align: justify">This resistance level is crucial for bulls aiming to push the price higher. Breaking above this resistance will indicate a return of bullish momentum and that Bitcoin’s price could continue to rise.</p> 
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on COINTURK NEWS: </span> <a href="https://en.coin-turk.com/bitcoin-shows-downward-momentum-in-short-term/" data-wpel-link="internal">Bitcoin Shows Downward Momentum in Short Term</a></h5>

Bitcoin Shows Downward Momentum in Short Term

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Ďalšie články zverejnené 31. 5. 2024

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