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.
Share this:
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
The complete CFD trading experience
Award-winning platforms, competitive spreads, low commissions and dedicated support.
We live and breathe the markets and are dedicated to helping traders realise their ambitions as we continue to set the industry bar.
Economic calendar
Web Trader platform
Our sophisticated web-based platform is packed with features.
Related articles
DAX Weakens as Tech and Defence Stocks Come Under Pressure
European equities are under pressure as the global technology selloff extends into a second session. Concerns about AI-related capital expenditure, semiconductor demand and regulatory risks are weighing heavily on technology stocks, while rising oil prices add another layer of uncertainty. With the US jobs report due later today, investors are reassessing valuations, growth expectations and the outlook for interest rates.
Nikkei 225 bear market deepens as volatility surges
The Nikkei has entered a technical bear market following a historic plunge. RSI and ATR stretch readings suggest a bounce may be coming, but history carries a warning for dip buyers.
Nasdaq volatility shock warns against buying too early
An extraordinary sell-off has left Nasdaq 100 futures deeply oversold, but history suggests further downside is common before a sustained recovery takes hold.
StoneX Europe Ltd may make third party material available on this website which may contain information included but not limited to the conditions of financial markets. The material is for information purposes only and does not contain, and should not be construed as containing, investment advice and/or investment recommendation and/or an investment research and/or an offer of or solicitation for any transactions in financial instruments; any decision to enter into a specific transaction shall be made by the client following an assessment by him/her of their situation.
StoneX Europe Ltd makes no representation or warranty and assumes no liability as to the accuracy or completeness of the information provided, nor any loss arising from any investment based on a recommendation, forecast or other information supplied. You should always seek independent advice as to your suitability to speculate in any related markets and your ability to assume the associated risks, if you are at all unsure. We are not under any obligation to update any such material. Any opinion made may be personal to the author and may not reflect the opinion of StoneX Europe Ltd.