Bitcoin (BTC) Price Prediction: BTC Continues to Remain in Deep Distress, Heading to Form Fresh Lows Below $60,000

Bitcoin is constantly printing massive bearish candles, recording new lows for the month as ETF outflows continue to rise

Bitcoin price is up for grabs as the ETF outflows continue to rise and the token records new lows for the month. Bearish scenarios appear as the price broke down from the crucial range that held the rally for over a couple of months.

The BTC price was struggling hard to reclaim $65,000 at the end of the week and slipped below the key support level of $63,500. Moreover, the token continued to witness a drop until the price marked a bottom of around $62,634.

The token’s price is observed to be trading within a bearish range with limited recovery in the last week of Q2 20204. Bitcoin price has broken down below the ascending trend line, which was in strong support for over a couple of months.

Unfortunately, the levels have hit the lower bands of the Gaussian Channel, which indicates the beginning of a bearish spell. Besides, the Ichimoku cloud is about to flash a sell signal as the levels are about to undergo a bearish crossover.

The other factor which contributes towards the bearish continuation is the descending OBV. OBV or on-balance volume, is a volume-based indicator used to gauge the next price action of the token that has dropped below the pivotal support.

The dropped levels suggest that the token is in the distribution phase, flashing a warning of a downward breakout. Moreover, the volume is also decreasing, which supports the bearish narrative.

Alongside, the price enters the capitulation phase yet again. The hash ribbons indicate when the miners are in deep distress and may be capitulating.

This usually occurs when the BTC price is at major lows, which may also be a good buying opportunity. The indicator considers 30-day and 60-day SMA and a downward crossover signals the beginning of the capitulation phase, as it happened a couple of days before.

Collectively, Bitcoin’s (BTC) price continues to remain in deep distress and is heading to form fresh lows below $60,000 before the end of the quarter.

News source：https://www.kdj.com/cryptocurrencies-news/articles/bitcoin-btc-price-prediction-btc-continues-remain-deep-distress-heading-form-fresh-lows.html

The above is the detailed content of Bitcoin (BTC) Price Prediction: BTC Continues to Remain in Deep Distress, Heading to Form Fresh Lows Below $60,000. For more information, please follow other related articles on the PHP Chinese website!