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Bitcoin Technical Analysis: Bearish Sentiment Tightens Grip as BTC’s Downtrend Continues

As of June 19, 2024, bitcoin’s price is $65,283, fluctuating within an intraday range of $64,149 to $65,633. On Wednesday, the leading cryptocurrency saw a trade volume of around $31.28 billion, with a market capitalization of $1.28 trillion.


Bitcoin’s oscillators reflect mixed sentiment. The relative strength index (RSI) is at 41, suggesting neutrality. Similarly, the Stochastic oscillator remains neutral at 17, while the commodity channel index (CCI) indicates a bullish phase with a value of -124. However, the momentum indicator at -4397 and the moving average convergence divergence (MACD) level at -454 both suggest a sell, highlighting underlying bearish pressures.

Moving averages (MAs) also emphasize the bearish trend during Wednesday’s trading sessions. All short to mid-term moving averages, including the 10-period exponential moving average (EMA) and simple moving average (SMA) at $66,614 and $66,743 respectively, point to bearish patterns.

The 20-period and 30-period EMAs, along with their corresponding SMAs, also imply negative sentiment, ranging from $67,242 to $67,996. Long-term moving averages show mixed signals, with the 100-period EMA at $64,291 suggesting bullishness, while the 200-period EMA and SMA at $57,680 and $57,043 respectively also indicate bullishness, hinting at potential long-term support.

The daily chart underscores a clear downward trend from a peak of $71,958. The market shows strong resistance around $71,958 and support near $64,032. Recent patterns, predominantly downturns with high volume, suggest ongoing selling pressure. The significant bearish drops in recent times confirm a potential continuation of the downtrend, supported by low overall volume and a spike during the large drawdown.

On the 4-hour chart, bitcoin mirrors the daily trend with a downward trajectory. The price forms a lower high at $67,314 and a lower low at $64,032. The chart exhibits a mix of ups and downs, reflecting intermittent consolidation and selling pressure. Increased volume during downward moves supports a strong bearish sentiment, reinforcing the observed trend.

Lastly, the hourly chart offers a more detailed view of bitcoin’s decline. A notable double bottom around $64,032 indicates potential short-term support. Resistance is identified near $65,937, with a mix of ups and downs. Spikes emerging after touching $64,032 suggest a potential short-term rebound. Volume increases on both downturns and upswings indicate significant trading activity and possible attempts at reversal or consolidation.

Bull Verdict:

Despite the prevailing bearish indicators, the long-term moving averages suggesting potential support around the $57,000 mark could imply a foundation for a future rally. If bitcoin holds above the critical support levels and buying momentum increases, a rebound could be anticipated, potentially reversing the current downtrend.

Bear Verdict:

The dominant technical indicators signal a continuation of the bearish trend in the short to mid-term. With consistent selling pressure reflected across multiple timeframes and key moving averages, bitcoin is likely to experience further declines unless there is a significant change in market sentiment or volume-driven buying activity.

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