June 17, 2024

Opinion: Bitcoin is still moving in a clearly downtrend

Despite the recent recovery of almost $1,000, the price of Bitcoin is still following a clear downward trend.This opinion was expressed by the well-known tech analyst Joe Rager.

According to him, the downtrend is especially good when changing the scale of the chart.

</p>

Like many other analysts, Ranger notesarea $ 7950-8000, which must be overcome for a potential reversal. On the other hand, a fall in prices below the previous local minimum (~ $ 6400) will open the door to the level of $ 5300, where significant volumes of purchase are concentrated.

Another equally well-known analyst, Peter Brandt, notes that the first cryptocurrency was held above an important level of support.

</p>

At first glance, the dynamics are not at all impressive.However, since the beginning of the year, digital gold has grown by 90%, significantly outpacing the Nasdaq and S&amp;P 500 indices, oil, gold and other traditional assets.

</p>

Some altcoins showed even more impressive dynamics:

Opinion: Bitcoin is still moving in a clearly downtrend

Data: CoinPaprika

Recall that earlier ForkLog published a review of bitcoin price forecasts from well-known market experts.