Bitcoin shows bearish signals as the loss percentage mirrors the 2020 bull cycle correction. Bitcoin (BTC) is currently exhibiting bearish tendencies, with many holders experiencing losses. According to CryptoQuant, the percentage of Bitcoin in the loss range 2024 parallels the levels seen during the major correction of the 2020 bull cycle.
The current percentage of Bitcoin $BTC in the loss range is similar to the significant correction during the 2020 bull cycle.https://t.co/ni8MOot0T5
— Blockchain Reporter (@blockchainrptr) August 7, 2024
This alignment suggests potential market instability and a lack of strong bullish momentum. Investors might need to exercise caution as the market displays signs of potential downturns similar to past corrections. The current market sentiment underscores the importance of closely monitoring Bitcoin’s price movements and preparing for possible bearish trends.
Key Bitcoin Levels To Watch – August 7
The BTCUSD pair is experiencing a bearish trend as indicated by the downward slope and recent price action. The price has dropped below the 9-day SMA, signaling continued bearish momentum. The RSI is at 33.44, indicating that BTCUSD is approaching oversold conditions.
The Fibonacci retracement levels show potential support at $59530 and $50520, with the latter being a significant target. The price has broken below the 0.786 Fibonacci level, suggesting further downside potential. The chart also indicates a potential price retracement to $65520 before continuing its downward trajectory towards $50510.
BTCUSD Key Levels
Resistance Levels: $65520, $73840, $80000
Support Levels: $56500, $50510, $49050
BTC/USD Metrics
Total Market Capitalization: $2.02T
Bitcoin Market Capitalization: $1.12T
Bitcoin Volume: $44.32B
Market Rank: #1
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