Bitcoin Rejection At $62,498 Signals Bearish Dominance, Here Are Possible Outcomes



Bitcoin
recently
faced
a
significant
rejection
at
the
$62,498


resistance
level
,
underscoring
the
prevailing
bearish
dominance
in
the
market.
This
failure
to
break
through
a
critical
threshold
highlights
the
strength
of
selling
pressure
and
raises
concerns
about
potential
downward
trends. 


The
rejection
at
this
key
level
signals
caution
among
traders
and
investors,
prompting
a
reassessment
of
market
strategies.
As
bearish
momentum
persists,
this
analysis
explores
the
possible
outcomes
for
Bitcoin’s
price
movement
and
the
broader
implications
for
the
cryptocurrency
market.

How To Get Free Crypto  


As
of
the
time
of
writing,
the
market
capitalization
of
Bitcoin
is
over
$1.2
trillion,
with
a
trading
volume
of
over
$27
billion.
The
cryptocurrency
price
is
currently
up
by
1.2%,
trading
at
roughly
$61,582.
Despite
a
31.26%
increase
in
market
capitalization,
there
has
been
a
35.43%
decrease
in
trading
volume
over
the
last
day.


Technical
Indicators:
Signs
Of
Continued
Bearish
Pressure


BTC
price


on
the
4-hour
chart
is
still
actively
bearish
and
trading
below
the
100-day
Simple
Moving
Average
(SMA).
Currently,
Bitcoin
is
attempting
a
downward
move
after
a
rejection
at
$62,498,
which
is
represented
by
a
blue
line
on
the
chart.

Source:
BTCUSDT
on
Tradingview.com


The
formation
of
the
4-hour
William
Alligator
signals
that
the
price
of
BTC
may
extend
its
bearish
trend
as
there
is
no
successful
cross
of
both
the
alligator
lip
and
tooth
above
the
alligator
jaw.


On
the
1-day
chart,
it
can
be
observed
that
Bitcoin’s
price
is
making
a
huge
drop
after
being
rejected
for
the
second
time
at
the
$62,498
level,
thereby
signaling
more
bearishness
even
as
it
continues
to
trade
below
the
100-day
SMA.

Coinbase Banner  


Additionally,
the
1-day
William
alligator
also
indicates
more
bearishness
for
BTC.
After
a
successful
cross
of
the
alligator
lip
and
teeth
below
the
alligator
jaw,
they
have
been
maintaining
a
good
spread
from
each
other.

Source:
BTCUSDT
on
Tradingview.com


It
should
be
noted
that
the
crypto
asset’s
price,
from
an
overall
point
of
view,
is
actively
bearish.
Given
the
formation
of
the
price
action
and
indicators
on
both
the
4-hour
and
the
1-day
chart,
it
can
seen
that


the
bears


are
currently
dominating
the
market.


Potential
Scenarios:
What’s
Next
for
Bitcoin?


An
analysis
of
potential
future
scenarios
for
BTC’s
price
movement
following
the
rejection
reveals
that
if
Bitcoin
continues
to
move
downward
and
break
below
the
$60,152
support
level,
it
may
move
lower
to
test
the
$58,523
support
level
and
probably
move
on
to
test
other
lower
levels
if
the
price
breaches
this
level.


However,
if
there
is
a
rejection
at
the
$60,152
support
level,
Bitcoin
may
start
moving
upward
toward
the
$64,515
resistance
level.
If
this
level
is
breached,
the
crypto
asset
may
experience
more
price
growth
toward
the
$71,909
resistance
level
and
possibly
other
levels
above.

FreeBitcoin Banner  
BTC
trading
at
$61,515
on
the
1D
chart
|
Source:
BTCUSDT
on

Tradingview.com

Featured
image
from
iStock,
chart
from
Tradingview.com

Go to Source
Author: Godspower Owie


Recommended Crypto Services, Products and Strategies:

The first thing any crypto investor needs is is a reliable and secure Crypto Wallet.  Whether you’re looking for an online wallet, hardware wallet, desktop or mobile wallet, Crypto Renegade provides you with all the Best Crypto Wallets in each category.

Best Crypto Wallets Banner

When you’re ready to buy more crypto, or exchange your coins for others, Crypto Renegade’s list of the Best Crypto Exchanges has you covered.  The Crypto Exchanges recommended here offer everything from simplicity and convenience to advanced trading platforms and profit sharing. 

Best Crypto Exchanges Banner

If you want to learn more about the methods and tools that can be used to find Great Crypto Projects, then be sure to check out Crypto Renegade’s strategy for How To Find The Best Cryptocurrency.

Crypto Strategy Banner

For those people that don’t have any money to invest right now, or just want to understand the technology a bit more, you’ll definitely want to check out Crypto Renegade’s Free Crypto Strategy and start collecting Free Coins today!

Free Crypto Banner

What do you think about cryptocurrency? Do you have any questions about it? Be sure to leave a comment below.

You May Also Like

More From Author

This site uses Akismet to reduce spam. Learn how your comment data is processed.