Bitcoin Plunges to Fresh Yearly Low- BTC/USD Testing Major Technical Support
Bitcoin plummeted more than 30% off the May highs with price falling seven-of-the-past-eight weeks. BTC/USD is now testing the largest support zone of the year.
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Bitcoin Technical Outlook: BTC/USD Multi-timeframe Analysis
Bitcoin is testing one of its most important technical support zones as Fibonacci retracements, long-term trendlines, and momentum signals converge. Michael Boutros, FOREX.com Senior Market Analyst, explains why the current price range could determine whether Bitcoin begins forming a lasting low or extends toward another major leg lower. He also examines the four-year crypto cycle, key resistance levels, and the technical signals traders are watching closely.
This content was created by an affiliate of FOREX.com and represents the views and opinions of the author/speakers, not the views and opinions of Forex.com, StoneX Group Inc., or its subsidiaries. The content has not been independently reviewed by FOREX.com.
Active Short-term Technical Charts
- Japanese Yen Short-term Outlook: USD/JPY Breakout Stalls at 2024 High as Intervention Risk Builds
- US Dollar Short-term Outlook: USD Breakout Targets Next Major Resistance
- British Pound Short-term Outlook: GBP/USD Rebound Challenges Bear Trend
- Euro Short-term Outlook: EUR/USD Rebound Faces Fed- Breakout Looms
- Canadian Dollar Short-term Outlook: USD/CAD Overbought Rally Faces Breakout Resistance
- Gold Price Short-term Outlook: XAU/USD Bulls Fight to Confirm Major Low- Fed on Tap
- Swiss Franc Short-term Outlook: USD/CHF Overbought Rally Tests Major Resistance
--- Written by Michael Boutros, Sr Technical Strategist
Follow Michael on X @MBForex
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