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- Price Analysis: Bitcoin Selling Pressure Increasing Amidst Slowing Recovery:
Bitcoin is currently trading at $62,945, continuing a critical downtrend after breaking the previous upward trendline that currently bounds the market near $71,830. The pair is trading below the 50, 100, and 200-day exponential moving averages (EMAs), which cluster around $72,500 to $79,500, reinforcing the prevailing bearish trend.
Momentum remains strong, with the Relative Strength Index (RSI) hovering around 26 on the daily chart, and the Money Flow Index (MFI) around 19, both in oversold territory. Meanwhile, the Moving Average Convergence Divergence (MACD) remains in the negative zone on the same chart, indicating continued selling pressure despite the possibility of short-term rebounds.
Daily chart of the BTC/USDT pair
On the bullish side, initial resistance lies at the broken upward support line around $71,830, where any first rebound is likely to face a critical test. Sustained movement above this area would bring the 50-day exponential moving average near $72,513, followed by the 100-day EMA around $74,512, then the farther 200-day EMA near $79,498, collectively defining a broader zone that must be reclaimed to ease the current downtrend. $BTC
Israel and Iran announced on Monday that they have halted military operations, following a fierce exchange of fire that tested the fragility of the ceasefire agreement in place between the United States and Tehran in early April.
However, Iranian military leaders warned that any renewed Israeli attack—especially in southern Lebanon—could trigger an escalation.
U.S. President Donald Trump indicated on Tuesday the possibility of unveiling a new proposal regarding the Iranian nuclear deal within days, according to Reuters. Meanwhile, Israeli Prime Minister Benjamin Netanyahu earlier this week reaffirmed the continuation of military operations against Iran and Hezbollah, stressing that both sides are being weakened significantly.
Markets remain on alert for potential fluctuations stemming from subsequent developments, as reflected by the crypto fear and greed index, which stood at 10 in the extreme fear zone on Tuesday, up from 8 the day before.
A steady increase in demand for risky assets is needed to maintain the recovery, as Bitcoin looks to return above $70000, Ethereum above $2000, and XRP above $2.00.
$BTC
$ETH
$XRP