Bitcoin Technical Analysis: EMA5 Forces Bitcoin Down

Bitcoin Technical Analysis: EMA5 Forces Bitcoin Down

The leading cryptocurrency Bitcoin continues to lose strength after seeing its highest price in August 2022. Trying to break the 25211 resistance up several times, Bitcoin re-entered the falling trend that it had failed due to the concentration of sales in this region. In the news flow to be experienced in Bitcoin today, there is the fact that Bitcoin options are about to expire. Bitcoin options contracts worth approximately $1.8 billion will pass today, which could affect price movements as the open interest exceeds 300,000. Open Interest (OI) is the total number of derivative contracts that have not yet been settled.

Bitcoin options are also defined as contracts that allow traders to speculate on the price of BTC. It will enable investors to buy or sell Bitcoin at a certain level, which is the price of the cryptocurrency, until a specific maturity date.

Bitcoin, which started the day at the $ 24176 level yesterday, closed at $ 23940 with a 1% loss.

Bitcoin, which started today at $ 23940, is trading at $ 23801 with a decrease of 0.58% at the time of writing. 


Bitcoin Chart Analysis

After seeing its peak price in August 2022, Bitcoin continues to lose strength. Bitcoin, which has broken the downward trend again, has broken the EMA5 support level down, and the average value of EMA5 has suppressed the price downwards. Today, the EMA5 story at $24051 and the downtrend line at $24150 can be followed as resistance. On possible pullbacks, the EMA21 $23455 and horizontal support $22558 levels can observe as support.

Bitcoin Technical Analysis: EMA5 Forces Bitcoin Down

What is the latest situation in Altcoin?

  • The latest situation in some altcoins;
  • Ethereum: down 0.03% at $1649,
  • Solano: down 0.38% at $23.82,
  • Avax: down 1.01% at $19.51,
  • Ripple: down 0.01% at $0.3875,
  • BNB: It is trading at $310.3, up 0.68% at the time of writing.
  • This article does not contain investment advise or recommendations. Every investment and trading move involves risk, and readers should conduct their own research when making a decision.

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