Top Three Buy Zones Identified for Bitcoin Amid Price Decline
Bitcoin shows buy signals around $87,000 as technical indicators reveal it is oversold. With $211.81 million in liquidations and institutional capital exiting Bitcoin ETFs, traders are focusing on key buy zones around $85,418. Predictions suggest Bitcoin could decline further to $70,000 amid bearish market sentiment.
As Bitcoin’s price approaches $87,000, it has generated a buy signal on the daily chart, supported by key momentum indicators that indicate the cryptocurrency is oversold. With significant liquidations occurring after Bitcoin fell below the crucial $90,000 support, three primary buy zones are identified. Furthermore, institutional investors seem to be withdrawing capital from U.S.-based spot Bitcoin Exchange-Traded Funds (ETFs), potentially impacting market liquidity.
In summary, Bitcoin trades near $87,000, showing oversold conditions that prompt buy signals. Key buy zones include support at $85,418 and fair value gaps between $76,900-$80,216 and $81,500-$85,072. The market also faces substantial liquidations as institutions withdraw from Bitcoin ETFs. Predictive analysis suggests continued bearish sentiment could lead Bitcoin toward the $70,000 mark, depending on equity market trends.
Original Source: www.fxstreet.com
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