- Global crypto -market capitalization fell by 8.76% to 2.77 tons.
- Bitcoin (BTC) is below a 50-day sliding average, which confirms a bear trend.
The global cryptographic market is faced with a sharp decline, and the total market capitalization is reduced to $ 2.77 trillion, which is 8.76% over the past 24 hours. The volume of market trade also decreased by 15.59% to 176.55 billion dollars. USA, which indicates a decrease in the activity of investors. The whole crypto is a bearish market, without lifting Bitcoin (BTC).
Bitcoin is currently trading at 83,093.80 US dollars, 9.43% over the past 24 hours. Its market capitalization has fallen to 1.66 trillion dollars, which reflects a decrease by 9.24%. The 24-hour trade volume is $ 73.6 billion, which shows a small fall by 1.08%.
Bear indicators for BTC
Bitcoin is faced with strong resistance at 86,800 dollars. If the bulls increase the price above this level, BTC may rally by $ 90,000 in the short term. However, the inability to violate the resistance can cause another sale.
The first large level of support is 82,500 dollars. If Bitcoin cannot hold this level, the next support support costs $ 80,000. A break below this mark can accelerate the pressure of sales, which pushed the price.
The relative force (RSI) index is currently 36.45, which indicates the terms of the overabundance. The average RSI value is slightly higher by 37.86, which indicates a weak impulse. The movement above 40 can signal the potential change in price, but the continuation of the movement down will confirm the bear power.
CMF (20) is 0.02, which indicates a weak pressure of the purchase. The fall below 0 will confirm an increase in outfills and a decrease in investor trust. Bitcoin is currently trading below its 50-day sliding medium (MA), confirming a bear tendency. The 200-day MA remains a critical level of resistance.
The bull crossover, where the 50-day Ma moves above the 200-day ma, can signal the change in the trend. However, while the BTC does not restore key levels of resistance, the market remains bear.
Bitcoin should restore $ 86,800 to change the impulse in favor of the bulls. If the BTC falls below 82,500 dollars, it can slide up to $ 80,000 or below. Until the purchase of pressure will increase, Bitcoin will probably remain in the bear phase.
