Bitcoin (BTC) Price Struggles as Market Sentiment Turns Gloomy; BTC Targets $48.5K?

The price of Bitcoin has been struggling lately because the market sentiment isn't great. Let's break down what's happening with BTC and why things look a bit gloomy.

Bitcoin’s 1-hour chart shows BTC is struggling at $56,700, caught between the 20 day & 50 day moving averages.

The price started dropping from $64,000 and found some support at $53,800. But every time it tries to climb back up, it gets pushed down again by the 50-day moving average at $57,000. Even with some support at the $56,000 level, it’s not giving us much hope.

Rising Wedge Giving Warning

Now, the chart shows a rising wedge pattern, which is usually a bad sign. It’s like BTC is trying to climb a slippery hill, and for the past four hours, all the hourly candles have been dojis—small moves that show the market is having trouble deciding which way to go. This means even a little bit of bad news could push BTC lower, leading to more drops in price.

More Bad News

If we check  the weekly chart, we see another bad sign there – The double top or “M” pattern, which often signals a big reversal after an uptrend, adding fuel to the negative feeling.

Never Ending Bearish Signs

The MACD indicator is also showing negative signs. It’s another clue that the bears are in control. The MACD line tried to cross the signal line, however failed.

On the other hand, the Fear & Greed Index has also dropped 3 points to 26, showing that fear is increasing in the market compared to yesterday.

BTC Might be Going to Bears

If the bears keep pushing, Bitcoin’s price could drop all the way down to $48,500. The current patterns and indicators all point to a tough time ahead for BTC.

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