After Elon Musk’s newest announcement on Twitter that Tesla will now not be accepting Bitcoin funds due to its environmental footprint, Bitcoin’s worth dropped by almost $10,000, tanking from $55,000 to $46,000 on Binance crypto alternate.
Currently, BTC is recovering its losses, with Bitcoin bulls working exhausting and trying to maintain its 100-day shifting common of round $51,190.88. The digital asset has corrected a few of its losses to commerce at round $83,000 on the time of writing.
According to the information aggregator Bybt, there was a complete of $1.95 billion that has been liquidated prior to now 24 hours. Among them, $1.73B got here from the lengthy liquidated place. The largest single liquidation order for bitcoin occurred on Huobi Global alternate, worth $38.7M.
Throughout the month of May, after Bitcoin reached its all-time excessive of $64,854 on April 14, Bitcoin tried many occasions to break via the $60K with out success. This signifies that buyers are nonetheless hesitant about shopping for Bitcoin at excessive ranges. In the quick time period, it appears unlikely that Bitcoin will break via the important thing resistance degree of $60K.
Bitcoin (BTC) Price Analysis
Source: BTC/USDT Daily through TradingView
According to the technical indicators on TradingView, Bitcoin’s present state of affairs will not be optimistic. If it desires to regain a rising momentum, right now’s decisive closing worth wants to preserve above 100-day Exponential Moving Average (100-EMA) of round $51K.
The present Bitcoin worth has been working nicely under the Exponential Moving Average ribbon. Both the downward sloping shifting common and the MACD index, which made a bearish crossover under the zero axes, point out that the bears are at the moment dominating the market.
Stochastic RSI is under the median variety of 50, which is the bearish aspect of the oscillator. If numerous promote orders are triggered, BTC/USDT will then take a look at the 200 day-Exponential Moving Average of $42,000 assist degree.
For long-term buyers, the 200-day shifting common is normally a important buying and selling indicator. If the worth falls under the 200-day shifting common, it’s thought to be a bear market sign. Conversely, when the worth breaks above the 200-day shifting common, it’s thought to be a bullish market sign.
It is value noting that for the reason that outbreak of the Covid-19 pandemic, which started round May 2020 for many international locations, the worth of Bitcoin has by no means touched the 200-day Exponential Moving Average.
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