News

Bitcoin Price Down Over 10%, Sinking farther away from $10,000

After a sideways market all through June, Bitcoin is not doing too hot this month. The past 48 hours have been brutal for the cryptocurrency as it dropped over 10% dipping below the $10,000 level. Why is the price falling? Will we see recovery anytime soon? Let’s dive deeper and take a look…

Why is Bitcoin’s price falling?

As Coindesk reports, a key indicator for Bitcoin has turned bearish. Specifically, the MACD indicator turned bearish first time since December. If you trade based on technical indicators, then these are pretty bad news.

The sideways market last month may have contributed to something called buyer exhaustion. According to Investopedia:

“Exhaustion is a situation in which a majority of participants trading in the same asset are either long or short, leaving few investors to take the other side of the transaction when participants wish to close their positions. Exhaustion often signals the reversal of a current trend because it illustrates excess levels of supply or demand, indicating a market is either overbought or oversold.”

While the trading volume is still relatively strong this month, it’s not stronger than it was the month prior. In order to sustain the bullish run we also need to see an increase in volume, when volume dies down so does the market’s power to make strides ahead.

Another potential reason for Bitcoin’s recent bearish momentum includes president Trump’s recent tweet about the cryptocurrency:

Related Post

We have seen Trump’s tweets move stock markets up and down, and its no coincidence that after his tweet Bitcoin experienced some bearish momentum. However, regardless of Trump’s opinion on Bitcoin, the cryptocurrency will continue to stride along like the honey badger that it is.

 

Bitcoin Price Analysis And Prediction

Relative Strength Index: The current RSI is at a healthy 55 points. That means the market is neither overbought nor oversold. Most likely the market will continue trading sideways until it can build up more strength for its next move.

Bollinger Bands: The current price of $9463 is within the upper and lower bollinger bands. This means that there isn’t any negative or positive pressure for the market as of right now.

Prediction: Both indicators are showing a healthy market that will most likely continue its sideways trend. Remember this is an intraday analysis so the sideways trend is predicted for the next 24-48 hours, after which the indicators may tell a completely different story.


Bitcoin Charts By Tradingview

Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency or digital currency.

Mark Arguinbaev

I'm a 29 year old cryptocurrency entrepreneur. I was introduced to Bitcoin in 2013 and have been involved with it ever since. Fun Fact: I mined cryptocurrency using my college dorm room's free electricity.

Share
Published by
Mark Arguinbaev
Tags: bitcoin

Recent Posts

MetaMask Proposes Stablecoin Launch, Taps Stripe to Bridge TradFi and DeFi

MetaMask wants its own stablecoin. It’s calling it MetaMask USD (mmUSD). And if the recent…

1 day ago

Spartan, Stake & Betway: Top 2025 Crypto Gambling Prizes

Spartan’s $250K Lambo Challenge Tops 2025’s Crypto Gambling Prize War with Stake & Betway Crypto…

1 day ago

SharpLink’s Ethereum Accumulation Hits High Top With Staking Strategy

SharpLink is leaning hard into Ethereum. They buy. They stake. They hold. Ethereum currently trades…

2 days ago

Cardano Price Prediction: Is a Return to $2 Imminent or Just a FOMO Fantasy?

After months of consolidation, Cardano (ADA) is regaining investor attention thanks to renewed forecasts projecting…

3 days ago

Bitcoin and Ethereum Whales Quietly Accumulating—What Does This Mean for the Market?

Whales are back—and this time, they’re not making noise. Despite the relative calm in prices,…

3 days ago

Daily Token Creation on Base Surpasses Solana, How It Happened 

Daily Token Creation on Base Surpasses Solana. Driven by SocialFi on @zora, Base sees over…

3 days ago