Cryptocurrency News - The NASDAQ 100 index and technology stocks have faced a major downturn in the last one to two weeks. We have witnessed a significant decline in the US stock market and an even bigger collapse. Among the main reasons for this are trade wars, which also closely concern the cryptocurrency market. Today, Trump made another announcement. Trump announced that more tariffs would be implemented. We have seen that the markets are quite fragile against tariff announcements because whenever such a statement is made, we experience an even bigger drop in the markets.
The drop in the stock market also greatly affects crypto prices. Considering the historical correlation, whenever we encounter losses in the stock market, the crypto market also falls to the same extent. The opposite is also true. As the stock markets start to recover, it also positively influences crypto prices. We had experienced a short-term recovery in the markets with Trump's announcement of Bitcoin as a strategic reserve. However, today things have turned around completely, and within hours, millions of dollars worth of liquidation occurred in the crypto market. Such significant liquidations have created more pressure on prices. Now, let's examine the general price movements in the market.
When evaluating the Bitcoin price chart, we notice a weak uptrend momentum despite encountering short-term spikes. The MACD, which is a very important indicator for Bitcoin, completed entirely red daily closing a few weeks ago. The complete shift of this indicator to red initiated the downtrend wave we have been talking about for a long time.
There are still indicators in the Bitcoin chart that are in the green zone. However, the outlook in these indicators is gradually turning towards the red zone. When positive news flows in the market, we may encounter short-term spikes, but it won't be long-lasting in this process. It is clear that we are moving with a weak momentum when it comes to Bitcoin and the general crypto market.
Despite this weak appearance, things are actually progressing as expected. Such pullbacks can be considered normal for markets to test new ATHs. If we recall previous market expectations, significant market participants were expecting the market to visit around $70,000 before a serious uptrend. There is currently a strong support zone around the $70,000 level on the Bitcoin price chart. The short-term support zone is also around $84,000, and if we experience a daily candle close below this point, we may visit below $80,000. Looking at the upward movement, we can see that $94,000 has become the new resistance. The fact that previous support levels have turned into new resistances perfectly reflects the conditions of a bear market.
The information in the text is purely for informational purposes. It does not constitute any investment advice. Cryptoparahaber.com is not responsible for any profit or loss arising from your investments. Ultimately, investment is based on many factors such as knowledge, experience, research, and personal decisions.
The content is for reference only, not a solicitation or offer. No investment, tax, or legal advice provided. See Disclaimer for more risks disclosure.
Bitcoin price took liquidity from this point! Is a new move starting?
Cryptocurrency News - The NASDAQ 100 index and technology stocks have faced a major downturn in the last one to two weeks. We have witnessed a significant decline in the US stock market and an even bigger collapse. Among the main reasons for this are trade wars, which also closely concern the cryptocurrency market. Today, Trump made another announcement. Trump announced that more tariffs would be implemented. We have seen that the markets are quite fragile against tariff announcements because whenever such a statement is made, we experience an even bigger drop in the markets.
The drop in the stock market also greatly affects crypto prices. Considering the historical correlation, whenever we encounter losses in the stock market, the crypto market also falls to the same extent. The opposite is also true. As the stock markets start to recover, it also positively influences crypto prices. We had experienced a short-term recovery in the markets with Trump's announcement of Bitcoin as a strategic reserve. However, today things have turned around completely, and within hours, millions of dollars worth of liquidation occurred in the crypto market. Such significant liquidations have created more pressure on prices. Now, let's examine the general price movements in the market.
When evaluating the Bitcoin price chart, we notice a weak uptrend momentum despite encountering short-term spikes. The MACD, which is a very important indicator for Bitcoin, completed entirely red daily closing a few weeks ago. The complete shift of this indicator to red initiated the downtrend wave we have been talking about for a long time.
There are still indicators in the Bitcoin chart that are in the green zone. However, the outlook in these indicators is gradually turning towards the red zone. When positive news flows in the market, we may encounter short-term spikes, but it won't be long-lasting in this process. It is clear that we are moving with a weak momentum when it comes to Bitcoin and the general crypto market.
Despite this weak appearance, things are actually progressing as expected. Such pullbacks can be considered normal for markets to test new ATHs. If we recall previous market expectations, significant market participants were expecting the market to visit around $70,000 before a serious uptrend. There is currently a strong support zone around the $70,000 level on the Bitcoin price chart. The short-term support zone is also around $84,000, and if we experience a daily candle close below this point, we may visit below $80,000. Looking at the upward movement, we can see that $94,000 has become the new resistance. The fact that previous support levels have turned into new resistances perfectly reflects the conditions of a bear market.
The information in the text is purely for informational purposes. It does not constitute any investment advice. Cryptoparahaber.com is not responsible for any profit or loss arising from your investments. Ultimately, investment is based on many factors such as knowledge, experience, research, and personal decisions.
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