QCP: BTC's decline deepened last week, and technical indicators have shown bearish signals. $92,000 is a key support level.

This article is machine translated
Show original
According to Mars Finance, QCP Capital analysis indicates that BTC's decline deepened last week, falling 27% from its all-time high and almost erasing all of its gains this year. BTC broke below its 50-week moving average and closed below $100,000 for the first time since May 4th, bringing increased caution to the digital asset market. Technically, BTC is currently hovering above the key support level of $92,000, a level that served as strong support in the fourth quarter of last year and the first quarter of this year. The $92,000 area also coincides with an unfilled CME gap, and a test of this level could trigger a short-term technical rebound. However, dense overhead supply could limit any rebound's strength.

Source
Disclaimer: The content above is only the author's opinion which does not represent any position of Followin, and is not intended as, and shall not be understood or construed as, investment advice from Followin.
Like
Add to Favorites
Comments