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Bitcoin Price Prediction as Crypto Market Cap Slumps 6.4% – Time to Buy?

Arslan Butt
Last updated: | 3 min read

Bitcoin (BTC/USD) encountered a substantial decline. It is now priced at $57,332, reflecting a 6.4% downturn. The pivotal price levels and indicators are essential to the technical landscape. At present, the pivot point rests at $59,008, with immediate resistance observed at $61,569, followed by subsequent hurdles at $64,654 and $67,084.

Conversely, support levels stand at $55,051, $53,072, and $51,035.

Bitcoin Price Prediction - Source: Tradingview
Bitcoin Price Prediction – Source: Tradingview

Noteworthy indicators include an oversold Relative Strength Index (RSI) at 25, signalling a potential reversal, and the 50-Day Exponential Moving Average (50 EMA) positioned at $63,473, potentially acting as resistance.

Below the pivotal level of $59,008, the outlook remains bearish, with a breakthrough indicating a shift towards a more bullish sentiment, while a failure may reinforce the prevailing bearish bias. Traders should closely monitor these levels for strategic decision-making.

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Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.