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- Bitcoin price indicators and oscillators signals towards a more bearish trend
- MACD indicator also stood at the deepest level in the bearish zone for the first time over the last six months
- Further 10% drop could also push Bitcoin near the price level of $50,000
Bitcoin price has always remained highly volatile. Since the beginning of this year the coin has achieved new highs and turbulent months as well. However, earlier this month after achieving a new all time high, BTC price began to witness a steady decline. Notably, about a couple of days ago analysts in the market deemed that the price was recovering. However, the actual indicators signaled towards an expected drip. Following the movements Bitcoiners were suggested to buy the dip, but still investors remained concerned about how much the coin would lose.
Bitcoin price indicators show bearish momentum
Over the past few years it is observed that the flagship crypto currency has lost more than 15% from its ATH. It is worth noting that the token has lost more than 11% within just the last three days. According to the analysts in the cryptosphere, the price indicators of the leading cryptocurrency continue to remain bearish.
According to the Awesome Oscillator indicators, the bars flipped below the neutral line for the first time in a month and half. Besides, the MACD indicator also stood at the deepest level in the bearish zone for the first time over the last six months. Furthermore, SAR dots were also observed remaining above the candlesticks. Hence, the ultimate scenario signals an active bearishness.
BTC whales getting more active
Besides the bearish indicators, analysts have also noted one another reason for the continued price fall. Notably, Bitcoin is facing consistent liquidations from investors. Indeed, the long liquidations have reached $533 in three days.
As Bitcoin price has continued its downtrend, whales are being observed getting more active. Notably, BTC whales transactions have touched $7.4 billion. According to analysts, such volume is the highest movement in the BTC whales market since December 2017.
Further 10% drop could see $50k level
Next week, 50.1k futures contracts are set to expire, among which 30k futures contracts are still optimistic that the coin’s price would reach $64k and above. However, the remaining 20k contracts are pushing for $50k.
Following the probability index, Bitcoin price touching $50,000 has an 87% chance. In contrast, any strike above the price level of $64,000 has less than a 13% chance. The market might save the coin designed by Satoshi Nakamoto from dropping so far. Indeed, a 10% drop could also push Bitcoin near the price level of $50,000.
