Bitcoin Rejection At $62,498 Signals Bearish Dominance, Here Are Possible Outcomes
26 June 2024 - 9:30PM
NEWSBTC
Bitcoin recently faced a significant rejection at the $62,498
resistance level, underscoring the prevailing bearish dominance in
the market. This failure to break through a critical threshold
highlights the strength of selling pressure and raises concerns
about potential downward trends. The rejection at this key
level signals caution among traders and investors, prompting a
reassessment of market strategies. As bearish momentum persists,
this analysis explores the possible outcomes for Bitcoin’s price
movement and the broader implications for the cryptocurrency
market. As of the time of writing, the market capitalization of
Bitcoin is over $1.2 trillion, with a trading volume of over $27
billion. The cryptocurrency price is currently up by 1.2%, trading
at roughly $61,582. Despite a 31.26% increase in market
capitalization, there has been a 35.43% decrease in trading volume
over the last day. Technical Indicators: Signs Of Continued Bearish
Pressure BTC price on the 4-hour chart is still actively bearish
and trading below the 100-day Simple Moving Average (SMA).
Currently, Bitcoin is attempting a downward move after a rejection
at $62,498, which is represented by a blue line on the chart. The
formation of the 4-hour William Alligator signals that the price of
BTC may extend its bearish trend as there is no successful cross of
both the alligator lip and tooth above the alligator jaw. On the
1-day chart, it can be observed that Bitcoin’s price is making a
huge drop after being rejected for the second time at the $62,498
level, thereby signaling more bearishness even as it continues to
trade below the 100-day SMA. Additionally, the 1-day William
alligator also indicates more bearishness for BTC. After a
successful cross of the alligator lip and teeth below the alligator
jaw, they have been maintaining a good spread from each other. It
should be noted that the crypto asset’s price, from an overall
point of view, is actively bearish. Given the formation of the
price action and indicators on both the 4-hour and the 1-day chart,
it can seen that the bears are currently dominating the market.
Potential Scenarios: What’s Next for Bitcoin? An analysis of
potential future scenarios for BTC’s price movement following the
rejection reveals that if Bitcoin continues to move downward and
break below the $60,152 support level, it may move lower to test
the $58,523 support level and probably move on to test other lower
levels if the price breaches this level. However, if there is a
rejection at the $60,152 support level, Bitcoin may start moving
upward toward the $64,515 resistance level. If this level is
breached, the crypto asset may experience more price growth toward
the $71,909 resistance level and possibly other levels above.
Featured image from iStock, chart from Tradingview.com
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