{"id":626708,"date":"2024-06-27T16:00:31","date_gmt":"2024-06-27T16:00:31","guid":{"rendered":"https:\/\/uniquehot.com\/?p=626708"},"modified":"2024-06-27T14:37:26","modified_gmt":"2024-06-27T14:37:26","slug":"bitcoin-battling-bearish-headwinds-is-the-sell-off-over","status":"publish","type":"post","link":"https:\/\/uniquehot.com\/bitcoin-news\/bitcoin-battling-bearish-headwinds-is-the-sell-off-over\/","title":{"rendered":"Bitcoin Battling Bearish Headwinds: Is The Sell-Off Over?"},"content":{"rendered":"

Bitcoin is struggling to shake off weakness, judging by its performance in the last few trading days. After the dump on June 24, the overall sentiment has been bearish, and sellers will likely double down, wiping gains posted in the last two days.<\/span><\/p>\n

As things stand, the sale of 4,000 BTC by the United States government is a dent for buyers. It comes hours after the German government dumped thousands of BTC early this week, forcing prices to lower.<\/span><\/p>\n

Bitcoin Trending At Oversold Territory<\/span><\/h2>\n

One analyst is upbeat even amid this sense of unease across the crypto and Bitcoin markets. Citing formation in the RSI indicator, a tool for gauging momentum, the analyst is <\/span>convinced<\/span><\/a> prices could recover strongly going forward.<\/span><\/p>\n

\"BTC
BTC oversold | Source: @CryptoJelleNL via X<\/figcaption><\/figure>\n

Bitcoin is at its lowest overbought level in over 300 days at spot rates.<\/span> This formation echoes a similar situation in 2023 when prices were stuck below $30,000. <\/span><\/p>\n

Once BTC swung to the oversold territory, prices rebounded strongly, breaking above $50,000 and reaching an all-time high in the coming months through March 2024. <\/span><\/p>\n

Related Reading: Solana Trading Plunges 93% In 24 Hours: Where Did The $100 Billion Go?<\/a><\/div>\n

Thus far, Bitcoin finds itself in the oversold territory after consolidating for roughly three months after peaking in March 2024. Then prices shot to as high as $73,800 before dumping sharply, reaching $56,500 by May 2024. Though prices have recovered, finding another ceiling at $72,000, the path of least resistance in the short term is bearish. <\/span><\/p>\n

\"Bitcoin<\/a>
Bitcoin price trending downward on the daily chart | Source: BTCUSDT on Binance, TradingView<\/a><\/figcaption><\/figure>\n

Bitcoin is testing its horizontal range’s lower boundary for the fifth time since March. For bulls to take charge, prices must hold above the $56,500 and $60,000 zones for the bullish bias to remain. <\/span><\/p>\n

However, a confirmed breakdown below the range low might see BTC crater dropping to as low as $50,000-$52. <\/span><\/p>\n

Will BTC Bounce Higher? Capital Flow To Spot ETFs<\/span><\/h2>\n

Another analyst also <\/span>expects<\/span><\/a> prices to recover, emphasizing the importance of the bull market support band. Sharing on X, the analyst said this support band has served as a reliable loading zone in the past bull cycle. <\/span><\/p>\n

Related Reading: Cardano (ADA) Faces Further Decline, $0.3389 Support Under Threat<\/a><\/div>\n

Its successful defense in January 2024 offers a positive precedent. With BTC at the same level, the probability of a refreshing bounce is high on the cards, providing a glimmer of hope.<\/span><\/p>\n

\"Spot
Spot Bitcoin ETF inflows | Source: Sosovalue<\/figcaption><\/figure>\n

Despite the recent price decline and days, if not weeks, of outflows, interest in spot Bitcoin exchange-traded funds (ETFs) is increasing. <\/span><\/p>\n

On June 26, there was $21.5 million into these products. Out of this, Fidelity and Grayscale<\/a> saw inflows, according to SosoValue<\/span> data<\/span><\/a>.<\/span><\/p>\n

Feature image from DALLE, chart from TradingView<\/div>\n","protected":false},"excerpt":{"rendered":"

Bitcoin is struggling to shake off weakness, judging by its performance in the last few trading days. After the dump on June 24, the overall sentiment has been bearish, and sellers will likely double down, wiping gains posted in the last two days. As things stand, the sale of 4,000 BTC by the United States government is a dent for buyers. It comes hours after the German government dumped thousands of BTC early this week, forcing prices to lower. Bitcoin Trending At Oversold Territory One analyst is upbeat even amid this sense of unease across the crypto and Bitcoin markets. Citing formation in the RSI indicator, a tool for gauging momentum, the analyst is convinced prices could recover strongly going forward. Bitcoin is at its lowest overbought level in over 300 days at spot rates. This formation echoes a similar situation in 2023 when prices were stuck below $30,000. Once BTC swung to the oversold territory, prices rebounded strongly, breaking above $50,000 and reaching an all-time high in the coming months through March 2024. Related Reading: Solana Trading Plunges 93% In 24 Hours: Where Did The $100 Billion Go? Thus far, Bitcoin finds itself in the oversold territory after consolidating for roughly three months after peaking in March 2024. Then prices shot to as high as $73,800 before dumping sharply, reaching $56,500 by May 2024. Though prices have recovered, finding another ceiling at $72,000, the path of least resistance in the short term is bearish. Bitcoin is testing its horizontal range’s lower boundary for the fifth time since March. For bulls to take charge, prices must hold above the $56,500 and $60,000 zones for the bullish bias to remain. However, a confirmed breakdown below the range low might see BTC crater dropping to as low as $50,000-$52. Will BTC Bounce Higher? Capital Flow To Spot ETFs Another analyst also expects prices to recover, emphasizing the importance of the bull market support band. Sharing on X, the analyst said this support band has served as a reliable loading zone in the past bull cycle. Related Reading: Cardano (ADA) Faces Further Decline, $0.3389 Support Under Threat Its successful defense in January 2024 offers a positive precedent. With BTC at the same level, the probability of a refreshing bounce is high on the cards, providing a glimmer of hope. Despite the recent price decline and days, if not weeks, of outflows, interest in spot Bitcoin exchange-traded funds (ETFs) is increasing. On June 26, there was $21.5 million into these products. Out of this, Fidelity and Grayscale saw inflows, according to SosoValue data. Feature image from DALLE, chart from TradingView<\/p>\n","protected":false},"author":384,"featured_media":625498,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[88240],"tags":[428,679,768,1119,78790,89583],"class_list":["post-626708","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin-news","tag-bitcoin","tag-bitcoin-price","tag-bitcoin-trading","tag-btc","tag-btcusdt","tag-spot-bitcoin-etfs"],"acf":[],"yoast_head":"\nBitcoin Battling Bearish Headwinds: Is The Sell-Off Over?<\/title>\n<meta name=\"description\" content=\"Bitcoin is under pressure but one analyst expects prices to turn around from spot rates citing possible BTC undervaluation\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link 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His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape. His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto. The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance. His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry. Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion. Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers. DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations. Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language. Dalmas is here to help make the tech easy to understand and digestible, even for beginners. The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential. This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting. Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature. When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills. 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