- The prediction of the bitcoin price becomes negative due to several factors
- Cryptocurrency markets are reacting negatively to the US capital gains tax proposal.
- Increased volatility due to the loss of several BTC price supports.
- BTC turns bearish and drops below $50,000 and reaches a low of $47,555.
coin360 crypto-currency heatmap
Increasing volatility leads to another round of bearish predictions in the bitcoin price forecast. The price of bitcoin is breaking through several lower support levels and hitting a low of $47,555 as the market struggles with numerous negative news. Most technical indicators have turned bearish or have a negative outlook for the coming days. The US government’s proposal to impose a capital gains tax on the cryptocurrency sector has also raised new concerns in the markets.
The oversold level becomes noticeable when the various indicators give red signals. From the RSI to the MACD, the pair is struggling to maintain any semblance of positivity. Things are not looking good on the daily charts and the recent correction has erased the bullish outlook. According to bitcoin price forecasts, a profitable booking could trigger further selling in the pair and push BTC/USD below $45,000.
The pair is facing strong resistance around $54,000, which is hugging the upper boundary of the hourly chart. Thin volumes and high volatility over the weekend could continue to worsen the situation for the BTC/USD pair. Price recovery will be even more difficult if other strongholds weaken and sales pick up.
Bitcoin price movements in the last 24 hours BTC drops as support falls
A break below $50,000 has opened new thresholds on the hourly chart. According to bitcoin price forecasts, the pair is in a sustained bearish rally, ignoring oversold signals. The bottom is not visible as the Bollinger Bands also continue to widen. The decline could stabilize around $47,000 if the bears reduce selling pressure due to low liquidity over the weekend.
With the current decline, the price of BTC has dropped 27% from its peak of $65,000. As the bitcoin price forecast suggests, the short-term trend is bearish and the price of BTC could reach $42,000. The lower candlestick chart shows intense pressure for three consecutive trading days. It is currently trading at $50,606 and is at its lowest level since inception. March.
The jubilation over Coinbase’s IPO is over, and there’s not much positive news in the crypto market. Traders and investors remain on the sidelines after the big gains in last month’s rally, in line with bitcoin’s price expectations. The pair has tried to make up some of its losses, but the short-term outlook is extremely bearish and losses will continue.
4-hour chart BTC/USD: hourly charts are bearish
Bitcoin price chart TradingView
A bearish outlook rules the price of BTC, as the pair looks like red candles on the hourly charts. The culmination of negative news, as well as weak fundamentals, has pushed the pair lower. The bullish rally in March left many support and resistance points untested. The current decline has already covered most of the supports on the way down. Nevertheless, weakness continues and the pair is likely to continue its downward trajectory.
All technical indicators are in negative territory. From the RSI to the MACD, the pair is facing a confluence of red signals. The RSI is 42 with a downward trend. The MACD shows a negative slope. The Stochastics RSI is also drifting into the deep red area. The rising wedge pattern remains a threat to any upward recovery.
The 100-day EMA is showing signs of a downward trend. If the pair drops below the 100-day EMA, it could go as low as $40,000. However, the bulls have found strong support at $47,500 and the pivot point could be a buy signal if the pair stabilizes over the weekend.
Bitcoin price forecast Conclusion: Weekend Bearish View
A capital gains tax could undermine confidence in the cryptocurrency market. The US plans to double the rate on capital gains, which could be detrimental to cryptocurrency traders who rely on massive volatility to make handsome profits. Regulatory concerns could push the pair below the EMA 100.
The ongoing sell-off could accelerate over the weekend. The Bulls need to put up a massive $47,500 defense. The rising wedge pattern and emerging asymmetric triangle are keeping the buy in check. According to bitcoin price forecasts, the current outlook looks negative in the near term.
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