Analyst: Bitcoin's Historic Breakout Fails to Confirm, May Face About 13%-24% Downside
Technical analyst Katie Stockton, founder of Fairlead Strategies, noted that Bitcoin's failure to hold above $100,000 for more than a few days has left the historic breakout ‘unconfirmed’ and opens up a potentially weaker scenario for Bitcoin in the short-term, stating that short-term bullish momentum is weak and there is a new daily countertrend signal that supports a downside for Bitcoin in the coming weeks. Bullish momentum is weak, and there is a new daily countertrend signal that supports bitcoin consolidating in the coming weeks before continuing its uptrend. The two support levels that investors should be looking at are the 20-day moving average of $97,233 as of Tuesday morning and the 50-day moving average of $85,342, which suggests that bitcoin could see a downside of around 13 percent. If the 50-day moving average also fails, Katie Stockton pointed to $73,800 as the next possible level for bitcoin, which represents a potential downside of about 24 percent.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
You may also like
Bitcoin is still in a good place, but short-term holders might be a problem
Share link:In this post: Accumulator wallets continue to buy without selling, reinforcing the bullish sentiment around the Bitcoin market. Declining OTC reserves hint at tightening supply and rising institutional demand. Short-term holders are nearing breakeven, increasing the risk of panic selling.
Sharplink and The Ether Machine lead as whales continue to stack ETH
Share link:In this post: Whales had a field day today, as on-chain data revealed that two Whale addresses received nearly 43K Ether worth over $153M. SharpLink Gaming also bought 18.68K ETH worth over $66.6M, while The Ether Reserve LLC acquired 10.6K ETH valued at around $40M. The Kobeissi Letter noted that ETH added a market cap of over $150 million since July 1.
Google to limit AI data center power usage during peak demand periods
Share link:In this post: Google has signed its first formal agreements to reduce AI data center power usage during peak electricity demand. The agreements with U.S. utilities, Indiana Michigan Power and Tennessee Valley Authority, address the rising energy demand from AI workloads straining power grids. Google’s agreement has introduced AI into demand-response programs and may set a precedent for other tech companies to deal with blackout concerns and higher electricity bills.
SEC Appeals in Ripple XRP Case Nears Deadline
Trending news
MoreCrypto prices
More
