- Bitcoin’s market cap dropped by $62.642 billion, reflecting a 5.46% decrease, indicating strong bearish trends.
- Analyst predicts Bitcoin may pump to 58k-60k before falling to a new target range of 44k-38k by September.
- A volatile trading day saw Bitcoin plummet to $50.00K before partially recovering, wiping out $879 billion from the U.S. crypto market.
Bitcoin’s market outlook is turning increasingly bearish, according to crypto analysts. @RAFAELA_RIGO_ noted that Bitcoin’s final target before reversal has shifted, with 44k-38k being her new focus for September. She anticipates a possible pump to 58k-60k before a further decline.
Weekly Market Cap Analysis
The latest weekly chart of Bitcoin’s market capitalization in USD highlights significant bearish trends. Currently, Bitcoin’s market cap stands at $1.084 trillion, down from a high of $1.151 trillion. This marks a $62.642 billion drop, translating to a 5.46% decrease.
The recent weekly candlestick pattern reveals a substantial drop, showcasing a large red candle, indicating strong selling pressure. This comes after a steady rise from December 2023 to late April 2024, followed by a downward trend.
Source: TradingView
Technical indicators further emphasize the bearish sentiment. The Relative Strength Index (RSI) is currently at 44.81, below the neutral 50 mark, indicating bearish territory. The Moving Average Convergence Divergence (MACD) line is at -37.955B, below the signal line of 44.496B, reinforcing the bearish outlook. The histogram shows a negative value of 82.451B, indicating continued bearish momentum.
Diminishing Trading Volume
Notably, the volume bars at the bottom of the chart suggest decreasing trading volume. While this might indicate a potential weakening of the bearish trend, it is not a definitive signal of an imminent reversal. The RSI and MACD both support the bearish perspective, yet the decreasing volume might hint at lessening intensity in this trend.
Intraday Price Fluctuations
The price range fluctuated between a high of $58.90K and a low of approximately $50.00K. At press time, Bitcoin was trading at $54,394.39.
Intraday movements were substantial, with an early sharp decline to $50.00K, followed by a partial recovery to $55.30K. This fluctuation highlights a volatile trading day, with strong selling pressure initially, followed by some buying interest at lower levels.
Source CoinMarketCap
The market impact was substantial, with over $879 billion wiped out from the U.S. crypto market, indicating a significant market event contributing to the sharp price decline.
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