Bitcoin Faces a Bearish Trend Amid Investor Uncertainty and Rumors of Bottom

Azeez Mustapha

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Bitcoin faces a bearish trend amid investor uncertainty and rumors of a bottom. BTCUSD continues to face a bearish trend as investor uncertainty deepens. Keith Alan, co-founder of Material Indicators, highlighted the negative sentiment surrounding Bitcoin’s recent performance. According to him, the weekly close for Bitcoin was terrible. There are many rumors among the crypto community that we have seen the bottom.

 
Alan’s analysis of macroeconomic and crypto dynamics underscores the growing concern among investors. The persistent decline in BTC’s value, coupled with rumors of a potential bottom, has led to increased caution in the market. This atmosphere of uncertainty suggests that Bitcoin may struggle to recover in the near term, maintaining its bearish outlook.

Key BTC Levels To Watch – July 8

Bitcoin Faces a Bearish Trend Amid Investor Uncertainty and Rumors of Bottom

The BTC/USD chart shows a clear bearish trend, with the price failing to break above the descending trendline. The recent rebound of the $56500.0 support level has signaled a bullish reversal.
 
The RSI indicator is below 50, indicating continued bearish momentum. A further decline is expected if the price breaks below the key support level at $56500.0, with potential targets around $50510.0.

BTCUSD Key Levels

Resistance Levels: $73840.0, $80000.0, $84000.0 
Support Levels: $65520.0, $56500.0, $50510.0

Bitcoin Metrics

Total Market Capitalization: $2.10T 
Bitcoin Market Capitalization: $1.11T
Bitcoin Volume: $36.94B
Market Rank: #1

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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.

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