The fate of Bitcoin hangs in the balance, as indications of a potential further decline have emerged, creating a strategic opportunity for savvy investors. Recent fluctuations in price suggest a waning enthusiasm in the market and a decrease in buying pressure.
This current outlook presents an imminent and significant downturn, which could prove advantageous for experienced traders. Well-known trading expert, Alan Santana, noted on June 26th that Bitcoin is on the verge of testing several crucial support levels. Currently, the cryptocurrency is hovering around $62,473.33, finding support at the 0.618 level on the Fibonacci retracement, a historically resilient level during bearish periods.
Alan Santana – https://www.tradingview.com/
If this support level fails to hold, the next relevant support point is at $59,883.97, marked by the 0.786 level on the Fibonacci scale. This range could potentially become a critical buying zone if the price manages to stabilize there. However, if the decline persists, the price of Bitcoin could fall even further, reaching the 1.236 Fibonacci extension level at $52,948.21, presenting an even more attractive buying opportunity.
According to data collected by Santiment, there has been a sharp drop in the market. The analytics firm highlights that “bullish calls on X, Reddit, Telegram, 4Chan, and BitcoinTalk have significantly decreased as traders lose confidence in the markets. Bearish calls, on the other hand, have not declined as rapidly. We interpret this as a sign of fear and indifference from the crowd, potentially signaling a bottom.”
The level of bullish calls across X, Reddit, Telegram, 4Chan, and BitcoinTalk has dropped significantly as traders have lost confidence in the markets. Bearish calls have slipped, but much less rapidly. We interpret this as crowd fear and indifference, a potential bottom signal.
pic.twitter.com/9R2VwPciwQ
– Santiment (@santimentfeed)
June 28, 2024
At the time of publication, the price of Bitcoin was quoted at US$61,625.55, reflecting a 1% increase in the last 24 hours.
Disclaimer: The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment, or other advice. Investing or trading cryptocurrencies carries the risk of financial loss.
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