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- Bitcoin has more than 54 Million addresses holding the crypto.
- According to the analysts, the BTC’s sentiment is bearish at press time.
Bitcoin (BTC) is the first decentralized cryptocurrency, utilizing blockchain technology for secure transactions.
Created by the pseudonymous Satoshi Nakamoto, BTC operates without a central authority. Miners verify transactions, earning rewards. Bitcoin has a fixed supply of 21 million coins and is used for payments, as a store of value, and for investment.
The Bitcoin crypto price volatility is 4.92%, which is considered medium and shows stability in the crypto price.
Additionally, Bitcoin is the largest cryptocurrency in the global crypto market, with a market cap dominance of 52.85% at press time. Its market cap was $1.2T, followed by a fully diluted market cap of $1.278T.
In an X post, @thomas_fahrer, co-founder of ApolloSats, mentioned that at the level of $65K, shorts worth $940.0M will be liquidated. Despite this, the question is whether BTC will hit the $65K level soon or if shorts will have enough time to book profits.
$940M of #Bitcoin shorts will be liquidated at 65K
— Thomas | heyapollo.com (@thomas_fahrer) July 2, 2024
SEND IT pic.twitter.com/UUOWMxpipF
The crypto trading volume has been trading flat over the last 24 hours, resulting in a traded value of $22.83B. It was followed by a decline of 2.92% in the crypto market cap from press time.
The crypto further has 93.9% of the total supply circulating in the market. The maximum supply of the crypto is 21.0M BTC, which means that 6.1% of the supply is left to be mined.
Signals Overview of Bitcoin
At press time, 76% of the holders of Bitcoin are in profit, while 15% of its holders are at a loss and have BTC at a higher price.
The concentration of Bitcoin by large holders and whales is 12%, and 70% of crypto holders have held it for more than the last 1 year.
In the last seven days, transactions worth $81.2 Billion have been made from Bitcoin, and the total exchange recorded for the crypto is $7.74B, followed by exchange outflows of $6.48B.
The network growth of the crypto is neutral, followed by a neutral concentration of bulls and bears in the crypto.
BTC Crypto Technical Analysis
After a consistent decline in crypto price, a descending triangle pattern is formed on the 4H chart of BTC.
The chart indicated consistent lower highs and lower low swings, which showed that the price has been going through bear dominance.
In the last month, the BTC crypto price has declined by more than 15%, leading to the decline from the $71.5K to the $60K mark.
Additionally, the market structure at press time is bearish, but a breakout above the triangle pattern might spark optimism about the crypto price.
BTC/USD Chart by TradingView
The 50-day and 200-day Exponential Moving Averages traded in a death cross, which is considered a bearish signal. The crypto price further has declined below both EMAs, showing a strong downtrend in the price.
The MACD indicator has issued a fresh sell signal to reinforce this bearish outlook. A bearish crossover between the MACD and the signal line has occurred, while the metrics are bullish.
Additionally, the RSI reflects declining bullish momentum and increasing bearish pressure, currently standing at 39.34. It also has declined below the 14-day SMA, which shows weakness in price.
The BTC Showed Bearish Signs
Bitcoin’s outlook was bearish at the time of writing, with the 50-day and 200-day EMAs forming a death cross and BTC’s price falling below both.
The MACD has issued a sell signal, and the RSI indicates increasing bearish pressure, now at 39.34. BTC’s market cap has declined, signaling further potential downside.
If the price of the BTC crypto continues to decline, it might take support at the levels of $56,500 and $58,300, followed by the resistance levels of $66,200 and $72,000.
Disclaimer
This article is for informational purposes only and does not provide any financial, investment, or other advice. The author or any people mentioned in this article are not responsible for any financial loss that may occur from investing in or trading. Please do your research before making any financial decisions.
