Bitcoin

Daily

<p>Bitcoin&#8217;s price continues to decline gradually without any indications of a recovery. Nevertheless, the cryptocurrency is nearing a significant support level that has the potential to initiate an upward movement, bringing an end to the recent bearish trend.</p>
<h2 id="technical-analysis">Technical Analysis</h2>
<p><strong>By: <a href="https://twitter.com/TradingRage" data-wpel-link="external" target="_blank">Edris</a></strong></p>
<h3 id="strong-the-daily-chart-strong"><strong>The Daily Chart:</strong></h3>
<p>The price of Bitcoin on the daily chart is gradually decreasing, approaching the critical support level at $25K after facing rejections from the 50-day moving average multiple times. The significance of the 200-day moving average of around $24K cannot be overstated, as it serves as an important indicator of the prevailing trend. Hence, it is crucial for Bitcoin to stay above it.</p>
<p>A breach below the $25K support level and the 200-day moving average could likely have severe consequences, potentially leading to a rapid decline toward $20K and prolonging the ongoing bear market.</p>
<figure id="attachment_254826" aria-describedby="caption-attachment-254826" style="width: 2560px" class="wp-caption aligncenter"><a href="https://cryptopotato.com/wp-content/uploads/2023/06/BTCUSDT-Daily-Jun-12-2023-scaled.jpg" data-wpel-link="internal"><img class="wp-image-254826 size-full" src="https://cryptopotato.com/wp-content/uploads/2023/06/BTCUSDT-Daily-Jun-12-2023-scaled.jpg" alt="btc_price_chart_1206231" width="2560" height="1441" srcset="https://cryptopotato.com/wp-content/uploads/2023/06/BTCUSDT-Daily-Jun-12-2023-scaled.jpg 2560w, https://cryptopotato.com/wp-content/uploads/2023/06/BTCUSDT-Daily-Jun-12-2023-300x169.jpg 300w, https://cryptopotato.com/wp-content/uploads/2023/06/BTCUSDT-Daily-Jun-12-2023-1024x576.jpg 1024w, https://cryptopotato.com/wp-content/uploads/2023/06/BTCUSDT-Daily-Jun-12-2023-768x432.jpg 768w, https://cryptopotato.com/wp-content/uploads/2023/06/BTCUSDT-Daily-Jun-12-2023-1536x864.jpg 1536w, https://cryptopotato.com/wp-content/uploads/2023/06/BTCUSDT-Daily-Jun-12-2023-2048x1153.jpg 2048w, https://cryptopotato.com/wp-content/uploads/2023/06/BTCUSDT-Daily-Jun-12-2023-50x28.jpg 50w" sizes="(max-width: 2560px) 100vw, 2560px" /></a><figcaption id="caption-attachment-254826" class="wp-caption-text">Source: TradingView</figcaption></figure>
<h3 id="the-4-hour-chart">The 4-Hour Chart:</h3>
<p>Examining the 4-hour chart, it is clear that the price of Bitcoin remains within a significant descending channel and is presently heading toward its lower boundary. This downward movement is a result of a strong breakout below the $26K support level. Additionally, the RSI indicator is leaning bearish, with values below 50%.</p>
<p>Consequently, it seems likely that the price will test the $25K level and potentially reach the lower trendline of the channel in the upcoming weeks.</p>
<figure id="attachment_254825" aria-describedby="caption-attachment-254825" style="width: 2560px" class="wp-caption aligncenter"><a href="https://cryptopotato.com/wp-content/uploads/2023/06/BTCUSDT-4H-Jun-12-2023-scaled.jpg" data-wpel-link="internal"><img class="wp-image-254825 size-full" src="https://cryptopotato.com/wp-content/uploads/2023/06/BTCUSDT-4H-Jun-12-2023-scaled.jpg" alt="btc_price_chart_1206232" width="2560" height="1441" srcset="https://cryptopotato.com/wp-content/uploads/2023/06/BTCUSDT-4H-Jun-12-2023-scaled.jpg 2560w, https://cryptopotato.com/wp-content/uploads/2023/06/BTCUSDT-4H-Jun-12-2023-300x169.jpg 300w, https://cryptopotato.com/wp-content/uploads/2023/06/BTCUSDT-4H-Jun-12-2023-1024x576.jpg 1024w, https://cryptopotato.com/wp-content/uploads/2023/06/BTCUSDT-4H-Jun-12-2023-768x432.jpg 768w, https://cryptopotato.com/wp-content/uploads/2023/06/BTCUSDT-4H-Jun-12-2023-1536x864.jpg 1536w, https://cryptopotato.com/wp-content/uploads/2023/06/BTCUSDT-4H-Jun-12-2023-2048x1153.jpg 2048w, https://cryptopotato.com/wp-content/uploads/2023/06/BTCUSDT-4H-Jun-12-2023-50x28.jpg 50w" sizes="(max-width: 2560px) 100vw, 2560px" /></a><figcaption id="caption-attachment-254825" class="wp-caption-text">Source: TradingView</figcaption></figure>
<p><strong style="font-size: 24px;">On-chain Analysis</strong></p>
<p><strong>By: </strong><a href="https://cryptoquant.com/profile/u/Edris?tab=quicktake" data-wpel-link="external" target="_blank"><strong>Edris</strong></a></p>
<h3 id="bitcoin-adjusted-sopr">Bitcoin Adjusted SOPR</h3>
<p>Bitcoin&#8217;s price has encountered significant resistance at the $30K level and has been unable to break through it. While this resistance is notable from a technical analysis perspective, there are underlying reasons for this rejection.</p>
<p>The Adjusted SOPR metric, displayed in the chart, provides insights into investor behavior. Values above 1 indicate selling Bitcoin at a profit, while values below 1 suggest selling at a loss.</p>
<p>After approximately a year, the metric has finally surpassed 1, indicating investors selling at a profit following the price&#8217;s recovery from the $17K level and recent rally.</p>
<p>However, this selling pressure has prevented the Bitcoin price from surpassing $30K and is currently causing it to decline. Unless new demand enters the market, this selling behavior may lead to further price drops.</p>
<figure id="attachment_254824" aria-describedby="caption-attachment-254824" style="width: 2560px" class="wp-caption aligncenter"><a href="https://cryptopotato.com/wp-content/uploads/2023/06/Bitcoin-Adjusted-SOPR-Jun-12-2023-scaled.jpg" data-wpel-link="internal"><img class="wp-image-254824 size-full" src="https://cryptopotato.com/wp-content/uploads/2023/06/Bitcoin-Adjusted-SOPR-Jun-12-2023-scaled.jpg" alt="btc_adjusted_sopr_chart_1206232" width="2560" height="1619" srcset="https://cryptopotato.com/wp-content/uploads/2023/06/Bitcoin-Adjusted-SOPR-Jun-12-2023-scaled.jpg 2560w, https://cryptopotato.com/wp-content/uploads/2023/06/Bitcoin-Adjusted-SOPR-Jun-12-2023-300x190.jpg 300w, https://cryptopotato.com/wp-content/uploads/2023/06/Bitcoin-Adjusted-SOPR-Jun-12-2023-1024x647.jpg 1024w, https://cryptopotato.com/wp-content/uploads/2023/06/Bitcoin-Adjusted-SOPR-Jun-12-2023-768x486.jpg 768w, https://cryptopotato.com/wp-content/uploads/2023/06/Bitcoin-Adjusted-SOPR-Jun-12-2023-1536x971.jpg 1536w, https://cryptopotato.com/wp-content/uploads/2023/06/Bitcoin-Adjusted-SOPR-Jun-12-2023-2048x1295.jpg 2048w, https://cryptopotato.com/wp-content/uploads/2023/06/Bitcoin-Adjusted-SOPR-Jun-12-2023-50x32.jpg 50w" sizes="(max-width: 2560px) 100vw, 2560px" /></a><figcaption id="caption-attachment-254824" class="wp-caption-text">Source: TradingVIew</figcaption></figure>
<p>The post <a href="https://cryptopotato.com/btc-sheds-3-weekly-amid-massive-altcoin-bleedout-bitcoin-price-analysis/" rel="nofollow">BTC Sheds 3% Weekly Amid Massive Altcoin Weekend Bleedout (Bitcoin Price Analysis)</a> appeared first on <a href="https://cryptopotato.com/" rel="nofollow">CryptoPotato</a>.</p>

BTC Sheds 3% Weekly Amid Massive Altcoin Weekend Bleedout (Bitcoin Price Analysis)

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