 ▲ Bitcoin (BTC) |
While Bitcoin (BTC) trading prices fell to the $61,000 level last night, multiple foreign media outlets, including Cointelegraph and NewsBTC, reported that concerns were raised about a collapse of the $60,000 support line.
Analysis of Cointelegraph Markets Pro and TradingView data shows that last week's closing price on Bitstamp was the lowest in six weeks since May 15.
NewsBTC presented TradingView's Bitcoin daily chart and explained that strong bearish momentum was formed as it traded below the $100 simple moving average (SMA) formed at $60,158.
Crypto Ed, a popular cryptocurrency trader, paid attention to the closing price of Bitcoin recorded last week and said, “Bitcoin is weaker than expected,” raising the possibility of an additional drop of up to 20%.
Another trader, Daan Crypto Trades, said, “Bitcoin’s attempted rebound should lead to a retest of the midpoint of a trading range that has been maintained for several months. “If not, the bottom of the section will be retested.”
Daily issues of cryptocurrency media outlets paid attention to analyst Dave the Wave's forecast for a further decline in Bitcoin.
He diagnosed that as the Bitcoin trend line collapses, the prospect of a transition to short-term further price consolidation is becoming more prevalent. It raised the possibility that Bitcoin could fall to the Fibonacci 0.38 retracement line formed near $50,000, and also added analysis results showing that Bitcoin's bullish trend has disappeared.
In addition, the Crypto Fear and Greed Index was found to have reached its lowest level this year. The fear and greed index, which recorded 51 points as of the 24th, recorded extreme greed until last week, but is now approaching a state of fear.
