Bitcoin (BTC) Price Analysis: BTC Eyes Weekly Candle Close Below Re-Accumulation Range Low for the First Time in 4 Months
- WBOYOriginal
- 2024-07-17 01:09:49700browse
Bitcoin is currently down 23% from its peak price, with most of those losses coming over the past week.
Bitcoin price analysis: BTC risks further losses as key support fails to hold
Bitcoin’s recent price action has been closely monitored by traders and analysts alike, especially in relation to a key technical indicator. As the asset continues to trade below its bull market support band (BMSB), its future trajectory remains a subject of speculation.
On July 7, market analyst Benjamin Cowen highlighted the BMSB as a crucial factor in determining whether Bitcoin will recover later this year. He compared the current trends to historical patterns from 2013, 2016, 2019, and 2023, examining BTC’s relationship with its BMSB.
In 2023, Bitcoin dropped below its BMSB in August, stayed below it for a few weeks, and then rallied hard in Q4. However, after falling below this level, the asset continued to decline in Q4 of 2019. “If we follow 2019, then the BMSB should hold resistance. If we follow 2013, 2016, and 2023, then BTC should get back above the BMSB soon.”
Meanwhile, on July 8, another report noted that Bitcoin is on the cusp of performing its first weekly candle close below the re-accumulation range low for the first time in over four months that this range has existed. According to the report, this could be a sign of further weakness in the BTC market.
Furthermore, the analytics platform CryptoQuant observed that the long position liquidation had been the largest this year, prompting traders to exercise caution.
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