Bitcoin on the cliff edge

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As a researcher with a background in technical analysis and experience in following the crypto market closely, I cannot help but feel a sense of unease as we approach the monthly close for Bitcoin (BTC). The market is awash in red, and BTC’s downward spiral continues. With each passing day, the pressure to close under $61,000 grows stronger.

As a crypto investor, I’m feeling increasingly uneasy about the current market situation. The monthly close is just around the corner, and if Bitcoin fails to hold above $61,000, we could be in for a rough ride. The possibility of further losses looms large as Bitcoin teeters on the edge of a potential cliff dive.

$BTC perilous monthly close

The cryptocurrency market is shrouded in deep red with a significant downturn. Bitcoin is dipping again, and it seems this slide may continue without interruption. Currently priced at approximately $61,700, Bitcoin requires only a minor loss for the day to reach a precarious monthly closing price.

2-month chart shows extreme danger

The major issue with the monthly closing occurs on the 2-month chart. This chart reveals a significant upward wick on the candlestick for the 2-month period, suggesting bearish trends. Despite having a tiny body, the candlestick resembles an “inverted cross doji,” which is indicative of strong selling pressure that’s pulling prices down.

If the Bitcoin price fails to reach approximately $61,000 at the close on Tuesday, it may indicate a continuation of its downtrend for another couple of months. Therefore, the upcoming hours carry significant weight.

Stochastic RSI could save the day

In the context of a weekly analysis, it’s clear that Bitcoin’s ($BTC) price has dipped below its trendline. However, the overall upward trend remains strong. A noteworthy positive indicator is the stochastic RSI, which is currently showing signs of bottoming out in the chart. When this indicator crosses up, it typically signals a significant surge in Bitcoin’s price once more.

Currently, we’re in a position of having to wait and observe the remainder of Tuesday unfold. At present, Bitcoin’s price has fallen below $61,000 as of print time. It will be intriguing to discover where the value concludes its daylong journey. Should this decline transpire, it’s essential to keep in mind that Bitcoin – known for its volatility – presents opportunities for purchasing at reduced prices during a bull market.

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2024-04-30 15:02