Bitcoin Price Prediction: BTC Drops By $14,600 Since May 9

Daily Bitcoin BTC Technical Analysis

1 Min Read
Last Updated July 23rd 2021
  • Bitcoin price has a strong support line at $45,000,
  • The MACD shows increasing bearish market momentum.
  • 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:

    • 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.

    Image: BTC/USD daily

    BTC/USD daily chart 051721

    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.

    Image: IntoTheBlock

    BTC/USD volume chart 051721

    Bitcoin On-Chain Analysis Is Bearish

    Bitcoin BTC On-Chain Analysis

    Santiment tweeted:

    “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.”

    Bitcoin BTC Short Term Holders

    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.

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