Price Analysis: Bitcoin Losses Intensify, Heading Towards Short-Term Support Level



Bitcoin is showing a bearish short-term trend, with its price still well below the 50-day, 100-day, and 200-day exponential moving averages (EMAs). Moreover, Bitcoin is showing broad bearish resistance on the daily chart.

Momentum appears mixed, with the Relative Strength Index (14) near 45 leaning slightly to the downside on the same chart, while the Moving Average Convergence Divergence (MACD) chart remains positive, suggesting selling pressure is easing rather than reversing decisively.

$BTC
$ETH

Daily Chart of BTC/USDT

On the upside, initial resistance lies at the 50-day EMA near $65,540, with additional resistance at the 100-day EMA around $69,207, and the 200-day EMA near $75,246, where the overall downtrend will be challenged. On the downside, initial support appears at the Parabolic SAR level around $59,434, followed by the previous trendline breakout price at $59,104, where buyers would need to step in to avoid a further drop towards late June lows.
BTC0.90%
ETH-0.03%
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