Leading cryptocurrency Bitcoin (BTC) The current market sentiment has been neutral and bearish as it has continued to move sideways between the support and resistance levels of $27,000 and $28,500 in recent weeks.
However bitcoinContinuing its strong stance, it increased by about 4% in the last 24 hours, crossing the $28,500 level and pinning down to $29,200.
Although Bitcoin cannot maintain these gains, it continues to trade at $ 28,600.
Popular on-chain data provider assessing this volatility in Bitcoin centiment In his latest report, he said that the RSI indicator shows bearish bias and buying pressure:
“The RSI levels are also bearish, showing weak buying pressure.
The 200-day and 200-week simple moving averages act as strong support levels for BTC.
However, the monthly RSI is bullish, indicating a potential long-term uptrend.
However, current market conditions suggest that Bitcoin may experience a bearish correction before any major rises.”
in the long run bitcoinStating that .
Santiment, similarly, BTC He stated that if the price drops below the $27,000 support, it could drop to $26,000 and below.
As a matter of fact, Bitcoin managed to surpass the $ 28,600 level. However, it failed to hold here and fell back to the level of $ 28,600. If this analysis of Santiment is correct, we can see the levels of $ 32,000 in BTC.
*Not investment advice.
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