Market Analysis by Investing.com (Günay Caymaz) covering: BTC/USD. Read Investing.com (Günay Caymaz)'s Market Analysis on Investing.com
Bitcoin's consolidation continues amid a bearish outlook, but technical indicators hint at a possible shift in sentiment.
Recently, market sentiment has been pessimistic. Profit-taking expectations have risen due to Bitcoin's rapid ascent in the first half of the year, putting pressure on the cryptocurrency. Additionally, macroeconomic data has dampened risk appetite, impacting Bitcoin's price. After March saw the cryptocurrency holding support at Fib 0.382, it faced another round of selling pressure at Fib 0.236, signaling increased resilience against declines.
Despite this, Bitcoin has experienced an unprecedented surge in demand over the past three months, driven by institutional adoption. Conversely, close monitoring of the $65,000 limit is essential. A weekly close below this level may signal bears' dominance, potentially pushing the cryptocurrency back to the $60,000 range.Institutions and billionaire investors worldwide are already well ahead of the game when it comes to AI-powered investing, extensively using, customizing, and developing it to bulk up their returns and minimize losses.
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