Bitcoin dropped 5% over the past 24 hours. Bitcoin (BTC) sellers were trading during Asia hours as the world’s largest cryptocurrency slipped under $30,000 for the first time in four weeks. Moreover, the next level of support will be at $27,000. Which is a 60% retracement of the March 2020 low.
Intraday charts look oversold. Which this could fix some selling pressure. But, upside looks limited under $34,000 given strong overhead resistance.
In addition to it, Bitcoin was trading around $29,600 at time of this news. And it fell about 5% over the past 24 hours.
- The relative strength index (RSI) on the daily plot is going to be near at oversold levels. The bullish divergence, described by higher lows in the RSI from May 19. It failed to give support buying beyond the $36,000 resistance level.
- Bitcoin stays in an intermediate-term downtrend which started in April. And also the downward sloping 50-day moving average saw it.
- The weekly plot did not get oversell. Therefore, it means sellers are have control as upside momentum fades.
Meme tokens market:
A recent tremble in meme tokens, a segment best known by the Shiba Inu-themed Dogecoin (DOGE), shows that retail investors are losing their positions in cryptocurrencies. This is because of recent market sell-offs, which spooked many crypto newcomers.
However, analysts and traders got separated on whether retail interest in meme tokens will return in near future to this community-driven, to the less serious part of the crypto market or not.
Meme tokens posted huge obtains at the begening of this year. inspiring by Tesla CEO Elon Musk-touted dogecoin, which posted a four-month-long winning streak. In April alone, the price of dogecoin increased 528.4% on Hong Kong-based crypto exchange FTX,based on TradingView.
By, following the dogecoin phenomenon, great number of meme coins launched. It was including the doge-imitator shiba inu token. As a new fantasy with the meme culture worldwide sparked a wave of interest in the tokens. The GameStop stock trading mania at the beginning of this year just fueled the frenzy.
“The [meme token] market becomes oversaturated with pointless meme coins,”. Arcane Research analyst Vetle Lunde said.