. Bitcoin is trading in a down, Bitcoin Latest News And Price Analysis

Bitcoin is trading in a down, Bitcoin Latest News And Price Analysis

Bitcoin is trading in a down, Bitcoin Latest News And Price Analysis

11 May 2023

Bitcoin declines below $27,600, erasing CPI-related gains

FUNDAMENTAL OVERVIEW

Trader sentiment on social media platforms has turned negative as fear, uncertainty and doubt increase. 

Crypto watchers monitor whale activity and on-chain metrics to determine what happens next to Bitcoin when sentiment turns sour. 

The price of Bitcoin has usually risen at times following the scepticism of market participants. 

The price of Bitcoin has fallen dramatically below $27,600 as growing negative sentiment among crypto market participants affects the cryptocurrency. The decline came after a brief rally led by US inflation data, which confirmed a downward trend that has been in place for about a month since BTC was above $30,600 in mid-April.

Sentiment data shows that social media conversations about the 100 most popular cryptocurrencies by market capitalization are down compared to the previous 30-day period. Specifically, discussions about Bitcoin and other large-cap assets fell 18%.

Interestingly, in the last 30 days, the price of Bitcoin fell by 7%, the price of Ether by 4%, and similar declines were observed in the top ten of Coin Gecko. This is one of the biggest declines in the last thirty days since June 2022, amid changing macroeconomic conditions and interest rates from the US Federal Reserve.

To determine marketplace sentiment, Sentiment requested buyers if crypto markets have hit their tops in April and 43.7% of the electorate agreed, suggesting that nearly 1/2 of these polled don’t assume charges to boom further.

BTC/USD TECHNICAL ANALYSIS DAILY CHART:

Technical Overview

BTC/USD is currently trading in the down channel.

BTC/USD is currently trading below all SMA.

RSI is in buying zone which suggests bullishness and Stochastic is suggesting a downtrend.

BTC/USD resistance is at 27630 & its immediate support level is 27330

HOW TO TRADE BITCOIN

Bitcoin is trading in a down channel and currently, the price is trading in an important support zone, if the support zone is broken, a further fall in the price of Bitcoin is expected.

TRADE SUGGESTION- SELL AT 27191, TAKE PROFIT AT 26429, SL AT 27837