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Bitcoin faces strong selling pressure. Bitcoin’s market outlook has taken a bearish turn, with intense selling pressure eroding optimism sparked by the approval of spot Ethereum ETFs. Additionally, the cryptocurrency has been hit hard by a decline in demand, as confirmed by on-chain data and holding patterns that signal a bearish trend. Weeks of stagnant price action have worsened sentiment, with Bitcoin struggling to maintain support.
#BTC had a little dip but then bounced back and finally held above $60,000, which it had trouble doing before.
— Dimitri aka -=Bitrend.io=- (@dzimji) August 20, 2024
On the 4-hour chart, the $61,500 to $62,000 range is where it keeps hitting a wall, showing there’s a lot of selling pressure up there. #Bitcoin pic.twitter.com/V4oUScF13I
Analysts believe the largest cryptocurrency is at risk of further decline unless demand picks up. According to CryptoQuant, a rebound in demand is essential for any substantial recovery or to set new highs. Analytically, as investors remain cautious and sell-offs continue, the chances of a near-term bullish reversal appear slim. The market’s sluggish response to the earlier optimism around ETFs suggests a deeper bearish momentum could persist.
Key Bitcoin Levels To Watch – August 21
Bitcoin (BTC/USD) has broken below the support zone near $56500, confirming a bearish structure shift. The price is approaching the next significant support level around $49050, indicating a potential further decline.
The Stochastic oscillator shows bearish momentum, suggesting a possible continuation of the downtrend. Key resistance remains at $62000, and a rejection from this zone could further reinforce bearish sentiment.
BTCUSD Key Levels
Resistance Levels: $62000, $70000, $73840
Support Levels: $56500, $49050, $44000
BTC/USD Metrics
Total Market Capitalization: $2.10T
Bitcoin Market Capitalization: $1.17T
Bitcoin Volume: $26.97B
Market Rank: #1
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