{"id":137765,"date":"2023-09-02T05:06:21","date_gmt":"2023-09-01T23:36:21","guid":{"rendered":"https:\/\/dripp.zone\/news\/?p=137765"},"modified":"2023-09-02T05:06:21","modified_gmt":"2023-09-01T23:36:21","slug":"bitcoin-exerting-pressure-on-29k-support-declines-linger-crypto-news","status":"publish","type":"post","link":"https:\/\/dripp.zone\/news\/bitcoin-exerting-pressure-on-29k-support-declines-linger-crypto-news\/","title":{"rendered":"Bitcoin Exerting Pressure On $29k Support, Declines Linger\u00a0 – Crypto News"},"content":{"rendered":"

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Bitcoin and other crypto markets are facing the lowest volatility levels in history, with investors showing signs of extreme exhaustion. The largest crypto has in the last 24 hours dropped 0.5% to $29,168 with support at $29,000 likely to give in to attempts by bears to explore areas such as $28,000 and $25,000.<\/p>\n

Bitcoin Faces Rectangle Pattern Breakout<\/h2>\n

The technical outlook on the four-hour chart shows the formation of a rectangle pattern that could implode, leaving\u00a0Bitcoin<\/a>\u00a0vulnerable to losses. This bearish pattern allows traders to identify breakouts and profit from downtrends in BTC price.<\/p>\n

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It occurs when the price moves sideways between two parallel horizontal lines, forming a rectangular shape.<\/p>\n

This formation implies that the sellers and buyers are in a temporary balance, and the price is consolidating (between $28,800 and $30,200) before resuming its downward direction.<\/p>\n

\"Bitcoin<\/a>
BTC\/USD daily chart | Tradingview<\/figcaption><\/figure>\n

To trade the bearish rectangle pattern, traders look for a breakout below the lower support line at $28,800, which signals that the sellers have gained the upper hand and are ready to push the price lower.<\/p>\n

<\/p>\n

A short entry can be placed after the breakout, with a stop loss above the resistance line and a profit target based on the height of the rectangle, in this case -4.64% to $27,469.<\/p>\n

Validating the weakening market structure is the Moving Average Convergence Divergence (MACD) indicator, which currently dons a sell signal. This call to traders to seek short positions in BTC manifested with the MACD line in blue crossing below the signal line in red.<\/p>\n

Besides, the momentum indicator holds below the mean line (0.00) indicating that sellers have the upper hand.<\/p>\n

According to\u00a0on-chain analytics firm Glassnode<\/a>, \u201cthe digital asset market continues trading within a historically low volatility regime, with several metrics indicating extreme apathy and exhaustion has been reached in the $29k to $30k range.\u201d<\/p>\n

\"Bitcoin\"Bitcoin<\/a>
Bitcoin Realized vs. Market-Price | Glassnode<\/figcaption><\/figure>\n

<\/p>\n

Based on the latest insights from Glassnode, \u201cthe Realized Cap is climbing, but only very slightly, suggesting a very boring, choppy, sideways market may remain on the road ahead,\u201d with attributed to the dwindling market volatility.<\/p>\n

How To Navigate Bitcoin\u2019s Weakening Market Structure?<\/h2>\n

Bitcoin has failed to sustain movement above $30,000 despite several attempts by the bulls. These failed attacks put pressure on support areas, especially at $29,000, and the rectangle lower boundary at $28,800.<\/p>\n

Within the short-term market doldrums, BTC outbursts of volatility \u2013 are not beneficial for long-term holders but present opportunities for day traders to make a profit.<\/p>\n

With that in mind, the Money Flow Index (MFI) indicator shows that the outflow of funds into\u00a0BTC markets<\/a>\u00a0currently outweighs the inflow volume.<\/p>\n

This means that an immediate recovery is highly unlikely unless bulls accept short-term pain to pave the way for\u00a0Bitcoin to sweep through fresh liquidity<\/a>\u00a0at the $28,800 support \u2013 which almost coincides with the 100-day EMA (blue).<\/p>\n

\"Bitcoin\"Bitcoin<\/a>
BTC\/USD daily price chart | Tradingview<\/figcaption><\/figure>\n

If the downward pressure on the $29,000 immediate support continues, traders will likely increase their exposure to BTC shorts, which could trigger a sell-off.<\/p>\n

Movement, below $29,000 means a possible breakout at the rectangle pattern and continued declines to the target at $27,469. Other support areas to keep in mind include the 200-day EMA (purple) at $27,305 and the June lows around $25,000.<\/p>\n

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John is a renowned crypto analyst and journalist, providing expert insights into both broad and focused aspects of the digital asset market. As a steadfast reporter, he keeps his audience updated with the latest news in the crypto sphere, delving into topics such as price trends, on-chain data analytics, Non-Fungible Tokens (NFTs), Decentralized Finance (DeFi), Centralized Finance (CeFi), and the ever-evolving metaverse. <\/p>\n<\/p><\/div>\n

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The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.<\/p>\n<\/div><\/div>\n<\/p><\/div>\n

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Bitcoin and other crypto markets are facing the lowest volatility levels in history, with investors showing signs of extreme exhaustion. The largest crypto has in the last 24 hours dropped 0.5% to $29,168 with support at $29,000 likely to give in to attempts by bears to explore areas such as $28,000 and $25,000. Bitcoin Faces […]<\/p>\n","protected":false},"author":2,"featured_media":137766,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[230,225,221,227,226,228,229,60,223,224,222],"class_list":["post-137765","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency","tag-brave","tag-coinbase","tag-crypto","tag-decentralised","tag-decentralized","tag-decentralized-exchange","tag-erc-20","tag-featured","tag-meme-coin","tag-robinhood","tag-solana"],"_links":{"self":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/137765","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/comments?post=137765"}],"version-history":[{"count":2,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/137765\/revisions"}],"predecessor-version":[{"id":148313,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/posts\/137765\/revisions\/148313"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media\/137766"}],"wp:attachment":[{"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/media?parent=137765"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/categories?post=137765"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/dripp.zone\/news\/wp-json\/wp\/v2\/tags?post=137765"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}