Bitcoin Technical Analysis: BTC Reverses Market Sentiments From Positive To Negative
Daily Bitcoin BTC Price Analysis
- The Bitcoin price has had four bearish sessions out of the last five.
- The RSI shows that BTC is on the verge of getting oversold.
Since June 4, the Bitcoin price has crashed from $39,200 to $33,400. During this downtrend, BTC managed to flip the 20-day SMA from support to resistance. Prior to this crash, BTC had been trending horizontally between $34,800 and $39,000.
Bitcoin Price Sentiment Is Now Negative
The bears have been in control of Bitcoin for four days out of the last five. During this crash, BTC managed to flip the parabolic SAR from positive to negative. The relative strength index (RSI) shows that the Bitcoin price may drop some more before it gets oversold.
Image: BTC/USD daily
Looking at the IOMAP, the Bitcoin price has crucial support at $32,000. Previously, at this level, around 196,000 addresses had purchased almost 175,000 BTC tokens.
Latin American Politicians Don Lazer Eyes
Panamanian congressman Gabriel Silva appears to be following in the footsteps of El Salvador. Silva has proposed legislation to adopt Bitcoin and other cryptocurrencies on a national scale. El Salvador’s president, Nayib Bukele, earlier announced that he will submit a bill to lawmakers demanding to make Bitcoin a legal tender.
Silva recently emphasized the significance of Panama not being left behind by Bukele’s progressive crypto plans, which include removing capital gains tax on Bitcoin in El Salvador. Silva asserted:
This is important. And Panama cannot be left behind. If we want to be a true technology and entrepreneurship hub, we have to support cryptocurrencies.
He added that they are preparing a proposal to present at the Assembly and invited interested entities to contact him. Bukele’s announcement has prompted similar moves from other politicians across Latin America. However, few concrete policy proposals have been announced.
On June 7, Paraguayan congressman, Carlitos Rejala, tweeted “El Salvador to the Moon” and uploaded a picture of himself with laser eyes, a popular crypto meme used to express Bitcoin maximalism on crypto Twitter.
Despite positive sentiment on social media regarding the apparent bullishness of Latin American lawmakers, the price of Bitcoin has continued to decline.
Bitcoin Price Negative Sentiment On The High
"The amount of #buy vs #sell calls being made continues to reveal nice hints on where #crypto is heading next. #Bitcoin prices tend to rebound whenever there is a spike in sells, and it bounces more long-term when the ratio between buy vs. sell narrows."
Bitcoin Price Is Expected To Reach These Levels
The Bitcoin price will probably crash towards the $32,000 support line. If this level doesn’t hold, BTC bears will face another barrier at $31,000.