Following the recent announcement by Elon Musk on Twitter that Tesla will no longer accept Bitcoin payments due to its environmental footprint, Bitcoin’s price fell nearly $ 10,000, rising from $ 55,000 to $ 46,000 on the Binance crypto exchange.
For now, BTC bouncing back from its losses, with bitcoin bulls working hard trying to hold their 100-day moving average of around $ 51,190.88. The digital asset has corrected some of its trading losses at around $ 83,000 at the time of writing.
According to data aggregator Bybt, a total of $ 1.95 billion has been liquidated in the past 24 hours. Among them, $ 1.73 billion came from the long liquidation. The largest single liquidation order for Bitcoin was on the Huobi Global Exchange, valued at USD 38.7 million.
During the month of May, after Bitcoin hit its all-time high of $ 64,854 on April 14, Bitcoin tried many times to break through the $ 60,000 mark to no avail. This suggests that investors are still reluctant to buy high-level Bitcoin. In the short term, Bitcoin is unlikely to break the key resistance level of $ 60,000.
Bitcoin (BTC) price analysis
Source: BTC/USDT Daily via TradingView
According to TradingView’s technical indicators, Bitcoin’s current situation is not optimistic. For it to regain momentum, today’s critical closing price needs to be above the 100-day exponential moving average (100-EMA) of around $ 51,000.
The current Bitcoin price is well below the exponential moving average band. Both the downward sloping moving average and the MACD index, which has seen a bearish transition below the zero axis, suggest that the bears are currently dominating the market.
The stochastic RSI is below the median of 50, which is the bearish side of the oscillator. When a large number of sell orders are triggered, BTC / USDT tests the 200-day exponential moving average of USD 42,000 support.
For long-term investors, the 200-day moving average is usually a critical trading indicator. If the price falls below the 200 day moving average, it is considered a bear market signal. Conversely, if the price is above the 200-day moving average, it is considered a bullish market signal.
It’s worth noting that the price of Bitcoin has never touched the 200-day exponential moving average since the outbreak of the Covid-19 pandemic, which began in most countries around May 2020.
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