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BITCOIN (BTC) SLID BY 3.4% TO END THE DAY AT $29,067

BITCOIN (BTC) SLID BY 3.4% TO END THE DAY AT $29,067

On Friday, bitcoin (BTC) fell 3.4%. Following a 0.35% loss on Thursday, bitcoin ended the day with $ 29,067.


A mixed start to the day saw bitcoin hit a morning value of $ 30,337 before retreating.


Failure of the First Resistance Level at $ 30,533, the bitcoin slide went down to a low of $ 28,840.


Bitcoin dropped by $ 1,779 First Level of Big Support and $ 29,474 Level of Big Support. Leaving the Third Major Support Level at $ 28,720, bitcoin recovered to end the day at $ 29,067.


The Bitcoin Fear & Greed Index Provides Small Market Comfort

Today, the Index of Fear and Greed has risen from 11/100 to 12/100. As the Index goes up, despite Friday's sales, the Index remains deep within the "Extreme Fear" area, reflecting investors' fears for progress.


Following the midweek inflation rate, US inflation figures have weighed heavily on dangerous assets.


In May, the US annual inflation rate rose from 8.3% to a 40-year high of 8.6%. The spike supports an aggressive Fed interest rate approach to curb inflation.


Bitcoin tracked the NASDAQ 100 in a US session, while the negative correlation with WTI crude oil prices softened.


With the Fed launching its June monetary policy decision next week, it could be a testing weekend.


Bitcoin (BTC) Price action

At the time of writing, BTC had risen 0.43% to $ 29,192.


The start of the day limit saw BTC drop early in the morning to $ 29,025 before reaching $ 29,197.


Technical Indicators

BTC will need to exceed $ 29,415 pivot to direct the First Level of Great Resistance to $ 29,986.


BTC will need a wider crypto market to support the exit of $ 29,500.


The expanded meeting will test Second Level Resistance at $ 30,913 and resistance at $ 31,500.


Failure to pass the pivot will test the First Big Support Level at $ 28,493. Apart from other extended sales, BTC should avoid levels below $ 28,000. Second Level of Great Support remains at $ 27,918.


If you look at the EMAs and the 4 hour candlestick chart (below), it is a bearish signal. Bitcoin has been sitting under the 50-day EMA, currently at $ 30,062. The 50-day EMA has declined from the 100-day EMA. The 100-day EMA has been reduced from the 100-day EMA, the price of bitcoin is negative.


Passing the 50-day EMA and 100-day EMA, currently $ 30,225 will support the 200-day EMA race, currently $ 31,300.

Source: yahoo




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