Investors do not observe good news that influences the price of the leading cryptocurrency. But what does the technical analysis say?
Bitcoin gives up more than 5% in the last week.
He Bitcoin It fell to the lows of early May to US$58,600 but then managed to recover to US$61,000. For its part, Ethereum stands at US$3,300 with a rise of 1.5% in the last 24 hours.
On the contrary, numerous altcoins are trading with gains of more than 6% led by Solana (SOL), followed by Dogecoin (5.3%) and Shiba INU (5.1%).
The reason for the fall of Bitcoin
Positive news is conspicuous by its absence. The lack of catalysts, added to fears of a tougher Federal Reserve (Fed) in the second half of 2024made a dent in the prices of digital assets.
In the technical analysis, César Nuez, technical analyst at Bolsamanía, highlighted that bitcoin lost “about 20%” from monthly highs reached on June 7. These “strong” falls, he adds, are bringing its price “dangerously” close to the support that it presents at US$56,910.
“Its behavior at these price levels is key. Be careful that if it loses them we could end up seeing a bleeding to the vicinity of US$49,000, levels where the 200-session average converges. This would not be the worst, The worst thing would be that it could give rise to a double top at US$74,415. This figure could be a change in trend that would be confirmed with the abandonment of US$49,000,” explained Nuez. However, this expert concluded, for the moment its trend is “clearly bullish” and, if in the end it manages to hold on at US$56,910, does not rule out continuing with his bullish climb.
Source: Ambito
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