6 hours ago

Bitcoin Price Takes a Hit—Is This Just the Beginning?

Bitcoin price started a fresh decline below the $90,000 support. BTC must stay above the $86,000 zone to avoid more losses in the near term. Bitcoin started a fresh decline from the $95,500 zone. The price is trading below $90,000 and the 100 hourly Simple moving average. There is a short-term triangle forming with resistance at $89,000 on the hourly chart of the BTC/USD pair (data feed from Kraken). The pair could start another decline if it fails to stay above the $90,000 zone. Bitcoin Price Dips Sharply Bitcoin price failed to stay above the $95,500 level and started a fresh decline . BTC declined heavily below the $93,200 and $92,200 support levels. The price even dived below the $90,000 level. It tested the $86,000 zone. A low was formed at $86,000 and the price is now consolidating losses. It is back above the $88,500 level and the 23.6% Fib retracement level of the downward move from the $96,482 swing high to the $86,000 low. Bitcoin price is now trading below $91,200 and the 100 hourly Simple moving average . On the upside, immediate resistance is near the $89,000 level. There is also a short-term triangle forming with resistance at $89,000 on the hourly chart of the BTC/USD pair. The first key resistance is near the $90,000 level. The next key resistance could be $91,250 or the 50% Fib retracement level of the downward move from the $96,482 swing high to the $86,000 low. A close above the $91,250 resistance might send the price further higher. In the stated case, the price could rise and test the $93,500 resistance level. Any more gains might send the price toward the $95,000 level or even $96,400. Another Decline In BTC? If Bitcoin fails to rise above the $90,000 resistance zone, it could start a fresh decline. Immediate support on the downside is near the $88,000 level. The first major support is near the $87,250 level. The next support is now near the $86,000 zone. Any more losses might send the price toward the $85,000 support in the near term. The main support sits at $83,200. Technical indicators: Hourly MACD – The MACD is now losing pace in the bearish zone. Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is now below the 50 level. Major Support Levels – $88,000, followed by $86,000. Major Resistance Levels – $90,000 and $91,250.

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Disclaimer: The opinion expressed here is not investment advice – it is provided for informational purposes only. It does not necessarily reflect the opinion of BitMaden. Every investment and all trading involves risk, so you should always perform your own research prior to making decisions. We do not recommend investing money you cannot afford to lose.

BINANCE COIN PRICE ANALYSIS & PREDICTION (February 25) – BNB Sits at $600 After a Slight Rejection, Will it Hold?

The start of this week has been painful across the crypto space following a serious bloodbath. Altcoins are in red, including BNB , which has decreased by 5% since yesterday. It appears set for a big clampdown daily. BNB traded relatively calm throughout last week while remaining in a consolidation phase due to a drop in volatility. This phase came after moving offensively to tap the $740 in the preceding week. The price could not trade long in that phase as the supply level increased heavily this week. It nosedived sharply and closed strongly after testing the $610 level yesterday. Things got uglier today and the price dipped to a daily low of $586 amid rising supply. This drop came as a retest of a fair value gap of $590 that occurred on February 8. And from the look of things, more bleeding can be expected. However, the daily low has been rejected and the price is back to where it is changing hands at around a$601. It remains weak on the daily chart while the bears are trying to regroup on the lower timeframe. We may see a retracement near $630 before resuming bearish. While the last 24 hours marked the crypto’s biggest loss in the last two weeks, we can expect a bigger drop if the supply level continues to rise. BNB must reclaim its recent all-time high before considering bullish. BNB Key Level To Watch Source: Tradingview The key potential levels for a retest are $618.7 and $652. If the market bounces back above these levels, $700 and $745 would be the next area of interest for buying. A strong daily close below $590 could trigger a heavy drop to the $544 support. The lower support level to watch for drops would be $500. Key Resistance Levels: $618.7, $652, $700 Key Support Levels: $590, $544, $500 Spot Price: $601.5 Trend: Bearish Volatility: High Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services. Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news ! Image Source: moxumbic / 123RF // Image Effects by Colorcinch NewsBTC

Market Trends Show Major Declines for Cardano, Binance Coin, and Avalanche

Cardano struggles to maintain its price above one dollar. BNB faces challenges in breaking the 700 dollar mark. Continue Reading: Market Trends Show Major Declines for Cardano, Binance Coin, and Avalanche The post Market Trends Show Major Declines for Cardano, Binance Coin, and Avalanche appeared first on COINTURK NEWS . NewsBTC