Why is Bitcoin down today?
The enthusiasm of Bitcoin fans ahead of the halving brings hype to the Bitcoin market. However, currently we see that Bitcoin's bullish trend is still stuck at the $72k price level. When Bitcoin's price reaches this point, investors hope that a breakout will occur and take the price even higher.
However, the fact is that the price has now fallen again to the level of $68k. So why is the Bitcoin price down today?
Quoting from the Cointelegraph article, the current reason why Bitcoin prices are falling is macroeconomic factors. US CPI inflation limits Bitcoin's upside. Apart from that, the Tech Stocks performance factor also influences the price of Bitcoin.
US CPI data is an important news release that can affect financial markets including the crypto market because many investors are waiting for crucial US inflation data because it can influence the possibility that the Federal Reserve will make three interest rate cuts throughout this year. 2024.
On the other hand, the performance of Tech Stocks such as NVIDIA and AMD also has a correlation with the Bitcoin price. This linkage is about the use of graphics cards in kipto mining.
Meanwhile, according to Ki Young Ju, CryptoQuant's founder and CEO, Bitcoin is currently in the accumulation phase of three rounds of phases, 1/Hype 2/disllusionment 3/Accumulation. According to him, the current sideways condition does not mean there will be a reversal soon, but it is still in the accumulation phase.
Bitcoin/USD technical analysis today
The current price of Bitcoin is $69,174.1 with a 24-hour price range of low $68,264.6 and high 71,737.2.
Fear and Greed Index value is 79, up 3 points from the previous 76. The market is Greed.
The technical summary of indicators and several moving averages by Investing in the hourly time period shows a strong sell signal.
On Ticktrader, Bitcoin price now appears to be moving near the middle band line. The price formed a bearish candlestick after touching the upper band line at $72k.
At the middle band line, price consolidation often occurs which acts as a pivot point for the Bollinger band.
On the daily timeframe, the Bollinger band line forms a flat channel, an indication that prices are moving in the range of swing highs and swing lows in several trading weeks.
MA 50 is still forming an upward channel below the price slightly above the lower band line.
The RSI indicator shows level 53, meaning the price is moving above the uptrend level.
On the H1 timeframe, Bitcoin price moves between the middle and lower band lines. There was a price correction after the price fell to a low of $68k.
Here the Bollinger bands form a descending channel with expanding bands indicating a bearish market with high volatility.
MA 50 above the middle band line forms a flat channel indicating a sideways market.
The RSI indicator shows level 36, meaning the price is moving below the downtrend level.
Support and resistance
S3: 68563.1
S2: 68671.7
S1: 68773.6
PP: 68882.2
R1: 68984.1
R2: 69092.7
R3: 69194.6