Bitcoin (BTC) continued its downward trajectory today, falling below its key 50-day Exponential Moving Average (EMA) and settling around the $62,000 mark. This breach of the crucial support level underscores the growing bearish sentiment that has gripped the market in May.
The persistent selling pressure has raised concerns about a potential price decline towards the critical $58,000 support zone. While this level has historically acted as a strong floor for Bitcoin, a further drop cannot be entirely discounted.
Adding to the uncertainty is the lack of significant surges in trading volume. This stagnant activity suggests a struggle for bulls to regain control and push the price back above $60,000 in the near term.
Bitcoin’s long term gains can be projected for September aligned with the possibility of a 25 bps rate cut by the Feds. Though there is no clarity on the same based on current market conditions, further update on rate hikes will impact Bitcoin’s long term price.
The Exponential Moving Average for a 10-day EMA indicates “Sell” at 61453, and a 200-day EMA indicates “Buy” at 52104. The Simple Moving Average for a 10-day SMA indicates “Sell” at 61994 and a 200-day SMA indicates “Buy” at 49640.
The Ichimoku Base Line, valued at 64628, continues to be neutral. The Hull Moving Average indicates “Buy” at 57905, and the Volume Weighted Average indicates “Sell” at 63010.
The Relative Strength Index (14) sits at 36, indicating “Neutral”. The Stochastic %K (14, 3, 3) at 22 indicates “Neutral,” and the Average Directional Index (14) at 31 indicates a “Neutral” outlook.
The MACD Level (12, 26), at -1786, indicates “Sell”. The Stochastic RSI Fast (3, 3, 14, 14) at 11 indicates ‘Neutral’, and William’s Percentage at -76 indicates ‘Neutral’.
The top gainers on WazirX include Helium (HNT), Golem (GLM), and Band Protocol (BAND), with price increases of 18%, 11%, and 9%, respectively.
However, the tokens that underperformed comprised Contentos (COS), Threshold Network Token (T), and FTT, with a price decrease of 17%, 15.6%, and 15.04%, respectively.
Disclaimer: Cryptocurrency is not a legal tender and is currently unregulated. Kindly ensure that you undertake sufficient risk assessment when trading cryptocurrencies as they are often subject to high price volatility. The information provided in this section doesn't represent any investment advice or WazirX's official position. WazirX reserves the right in its sole discretion to amend or change this blog post at any time and for any reasons without prior notice.
