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Bitcoin Social Metrics On Decline; Will BTC Break Below $50K

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Bitcoin price is trading below the key moving averages showcasing the uncertainty in the market.

The cryptocurrency Bitcoin (BTC) price has been consistently in a bearish trend, showing downward movements in recent sessions.

Additionally, this leading cryptocurrency is struggling to maintain its gains above important moving averages and is currently on a downward path. It has experienced a decline of more than 5% this month, indicating the bearish sentiment in recent trading sessions. 

As long as it remains below the upper moving averages, the prediction for Bitcoin’s price is bearish. However, there are signs that the price is oversold and a short-term relief rally could occur at any point from the lower levels.

Bitcoin Crypto Price And Volume Are On Decline

Based on the Santiment graph of price and volume, the trading volume has declined this month, and the price has also declined. In the last few days, the trading volume has decreased by more than 50%, which showcases a decline in buying and selling activities.

The price of BTC crypto is currently undergoing a period of bullish correction. It is currently trading at $62520.00 at a significant decision point. Although there have been signs of recovery in recent sessions, buyers have been unable to push the price higher.

Bitcoin’s social dominance on various platforms averages at 24.16%. The cryptocurrency is already well-recognized and doesn’t depend on social media buzz. Despite this, the price has been showing bullish tendencies lately. Currently, social sentiments appear to be on the rise, which could be interpreted as a positive sign.

According to current statistics, the long-term outlook for BTC’s price movement is bullish. The price has fallen between the 50-day and 200-day EMA levels, indicating an uncertain short-term trend.

Bitcoin Price on the Technical Chart

The technical chart displays that the Bitcoin price has performed positively this year and recorded an ATH of $73,794 on March 14, 2024. From mid-March, sellers seemed to dominate and the BTC price failed to reach the last swing high. 

Bitcoin price underwent a correction phase after a bull run and currently struggling below the 20-day exponential moving average. If the BTC price triggers a breakout from the correction phase with an elevation in trading volume then buyers may eye for a new all-time high.

If the chart structure manages to attract investors then buying momentum for the long term can be expected. On the other hand, if the BTC crypto price fails to exceed the 20-day EMA then sellers may dominate and melt to the 200-day EMA. Suppose the price slips below the 200-day EMA, most of the investors may prefer to book profit which may lead to a strong selling pressure.

Summary

Bitcoin is trading below key moving averages, indicating market uncertainty. It has been in a bearish trend consistently and is struggling to sustain gains above important moving averages. BTC price has experienced a decline of more than 5% this month, showing bearish sentiment. Signs of overselling, suggesting a potential short-term relief rally from lower levels were noted.

Disclaimer

It’s important to note that the views and opinions presented in this article are for informational purposes only and do not constitute financial, investment, or other advice. Investing in or trading stocks carries inherent risks, and readers should conduct their research before making any financial decisions.

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