However, with the MACD line (blue) crossing beneath the signal line on the daily chart, BTC’s path with the slightest resistance is likely to remain downward in the coming sessions. The momentum indicator recently failed to cross above the zero line, a move that could have bolstered the bellwether cryptocurrency significantly upward. The Moving Average Convergence Divergence (MACD) indicator has a bearish signal. Why Bitcoin Price Downtrend Seems Unstoppable The price of Bitcoin on Tuesday crashed to its lowest in nearly. Bitcoin, along with other major cryptocurrencies ripple (XRP), ethereum, bitcoin cash, stellar, and litecoin, have fallen again over the last 24 hours as investors and traders fret over a flood of. Besides, all technical levels and indicators point toward a potentially massive downswing in the coming sessions. Angry protests, technological glitches and a plummet in value marked the first day of El Salvador adopting Bitcoin as legal tender. Support is expected at $28,000, which may trigger immense sell orders and investor panic if broken. At the time of writing, Bitcoin teeters at $29,800 amid massive bearish signals. Meanwhile, overhead pressure soared as bulls bowed, leaving the crucial levels at $31,000 and $30,000 vulnerable. The crash on Monday took a pit stop at $31,000, but recovery attempts failed to rise above $33,000. A report published by Reuters said that China’s central bank had a meeting with banks and gave instructions to freezing all payment channels supporting Bitcoin trading.Īs the news reverberated in the market, Bitcoin resumed the downtrend, wiping all the accrued gains in the second week of June. On January 16, the first day of the crash, gold sales spiked by a factor of 5. The ongoing downtrend kicked off amid rumors that China was purging Bitcoin and all crypto-related activities from its borders on Monday. The Newbie Friendly Guide for Making Money with Bitcoin and Altcoins in. People have experienced firsthand the volatility and the problems associated with the lack. This week’s losses are pretty much a deadly blow to the possibility of a massive adoption of cryptocurrency in El Salvador, said Castaneda. Bitcoin Price Selloff Intensifies Under $30,000 According to data from the central bank of El Salvador, only 2 of money transfers are made in bitcoin. However, BTC failed to recover the ground, adding credence to the bearish outlook. The initial drop under $40,000 was expected to close the most recent CME gap to $37,000. The short-term technical picture screams sell based on the MACD and the RSI indicators.īitcoin continues with the freefall started after the failed attempt at sustaining June highs above $41,000. ![]() ![]() Robust support, perhaps at $28,000, is required to keep BTC afloat.Bitcoin price slides under $30,000, leaving investors bleeding.
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