Bitcoin near $68K as fear spikes: Santiment sees a buy signal


The price of Bitcoin

  • Bitcoin price is hovering near $68,500 but has seen a drop below $68,000.
  • Experts say the sign of buying a book is shining.
  • Cattle may target the next $75,000-$80,000.

Bitcoin continues to face headwinds, with the ongoing tensions in the Iran conflict a key point of view.

Although the cryptocurrency is reaching close to $68,000 amid the stock market decline, analysts are pointing to a potentially controversial sign as they predict a new leg for BTC.

The digital bellwether asset traded at around $68,500 in early trading on Friday, with modest gains coming amid a lull in US stock futures.

The escalation of the threat came after President Donald Trump extended a deadline to denuclearize Iran by up to 10 days.

BTC is now pushing back to $69,000, indicating a possible stabilization.

Santiment says BTC is highlighting a buy-to-book signal

Bitcoin’s retest of $68,000 coincides with what the chain analysis company Santiment indicates as the volume of retail sales.

However, it is this feeling that experts say can count as a sign of conflict.

Social media chatter shows a growing number of fear, uncertainty, and skepticism (FUD) surrounding Bitcoin and altcoins, a trend that has not been seen recently.

Why is this important?

According to Santiment, cryptocurrency prices often conflict with public issues.

“Historically, prices have moved differently as a matter of mass,” the company says.

This means that the current rise in the depression can be read as a buy signal.

It’s an anti-book idea that bearish chatter highlights the potential, while the stock market story is often at the top.

Santiment says that bullish words such as bearish, recovery, accumulate, or buy often signal a selling opportunity.

Right now, trending buzzwords like dip, pullback, or bullish usually indicate a buying opportunity.

Bitcoin price technical analysis

Over the past 24 hours, the price of Bitcoin has shown market volatility.

The stock briefly declined near $68,500, returning to weekly support levels and turning the $72,000–$75,000 band into a critical area.

Current prices show a weekly decline of 4%, reflecting investor caution.

From a technical point of view, Bitcoin is showing a strong setup in the middle of the pullback.

The weekly RSI has entered oversold territory, indicating a tired sell. Support at $68,000 is in line with the 200-week EMA, a storage area and resistance.

The MACD indicator shows that the histogram is flat and there is a suggestion of a bullish crossover.

On the other hand, a $70,000 retest results in a $72,000 exposure.

For a short period of time, the $75,000 offer point can move the bulls – only if they break the volume level amid declining news. Most forecasts point to $80,000 as a bullish target.

On the downside, the bears can be worth $65,000. However, they face a strong support base near the $60,000 mark.





Source link

Leave a Reply

Your email address will not be published. Required fields are marked *