Bitcoin losing its 200 week trendline puts 20K in play BTC price analysis
1. Bitcoin losing its 200-week trendline puts $20k in play Bitcoin has lost its 200-week moving trendline for the first time since its inception in 2009. This is considered a key technical level for traders and analysts in the cryptocurrency market. The 200-week moving average has been a strong support level for bitcoin's price in the past,and as it is now breached,traders are looking at the $20,000 level as a key level of support. If the price continues to drop,$20,000 could be a possible near-term price target.
2. Technical analysis suggests further downside The technical indicators for Bitcoin are not looking good since it has breached the $30,000 support level. There is a possibility that BTC may see a further downside in the near term. The Relative Strength Index (RSI) is currently in the oversold region,indicating that BTC is oversold. However,the Moving Average Convergence Divergence (MACD) is still in bearish territory,suggesting that there is potential for further downside.
3. Macro-economic factors could impact BTC price Macro-economic factors could influence Bitcoin's price in the near future. The U.S dollar index (DXY) has been showing some strength,and the Federal Reserve has recently announced their plan to reduce asset purchases. This has led to a significant sell-off in global equity markets. Consequently,Bitcoin may also feel the impact as a result since investors would move their funds from risky assets to more stable ones. Additionally,if there is more regulation announced by central banks and countries,this could cause further selling pressure on Bitcoin's price.
source https://titdoi.com/news/Bitcoin-losing-its-200-week-trendline-puts-20K-in-play-BTC-price-analysis
2. Technical analysis suggests further downside The technical indicators for Bitcoin are not looking good since it has breached the $30,000 support level. There is a possibility that BTC may see a further downside in the near term. The Relative Strength Index (RSI) is currently in the oversold region,indicating that BTC is oversold. However,the Moving Average Convergence Divergence (MACD) is still in bearish territory,suggesting that there is potential for further downside.
3. Macro-economic factors could impact BTC price Macro-economic factors could influence Bitcoin's price in the near future. The U.S dollar index (DXY) has been showing some strength,and the Federal Reserve has recently announced their plan to reduce asset purchases. This has led to a significant sell-off in global equity markets. Consequently,Bitcoin may also feel the impact as a result since investors would move their funds from risky assets to more stable ones. Additionally,if there is more regulation announced by central banks and countries,this could cause further selling pressure on Bitcoin's price.
source https://titdoi.com/news/Bitcoin-losing-its-200-week-trendline-puts-20K-in-play-BTC-price-analysis
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