- Bitcoin price has a strong support line at $45,000,
- The MACD shows increasing bearish market momentum.
- The 20-day and 50-day SMAs have flipped from support to resistance.
- The MACD shows decreasing bullish market momentum.
- The parabolic SAR reversed from positive to negative.
Since May 9, the Bitcoin price has dropped from $58,600 to $44,000 – losing almost $14,600 in its overall valuation. Since reaching a high in mid-April, BTC has been on a constant downtrend. Let’s take a closer look with technical analysis.
The Bitcoin Price Flashed Multiple Signals
Bitcoin Price has flashed the following three bearish signals:
Image: BTC/USD daily
Bitcoin price has a strong support line at $43,000. As per the IOMAP, previously - at this level - ~100,000 addresses had purchased ~ 130,000 BTC coins.
Bitcoin On-Chain Analysis Is Bearish
“The supply of #Bitcoin sitting on exchanges is currently back to its highest level since January 14th. The 4-month high is indicative of fear, and the supply of #Tether being near a 2021-low is also an indication traders are hesitant to buy this dip.”
Glassnode’s SOPR has charted another low, which is a very bearish sign.
Bitcoin Price Is Expected To Reach These Levels
Expect the Bitcoin price to drop to the $40,000 psychological line if the current bearish market sentiment continues. On the upside, there are several strong resistance barriers.