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Bitcoin (BTC) decreased considerably last week, approaching the May lows near $30,000.
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While a short-term bounce could occur, it seems that both the daily and weekly trends are bearish.
Long-term bitcoin movement
The weekly BTC chart provides a bearish picture.
Bitcoin (BTC) is trying to hold on to support after being rejected by the $41,250 resistance area.
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It has reached a confluence of Fib and diagonal support levels, which could potentially help it to rebound.
According to the stock-to-flow deflection chart, today, bitcoin is the most undervalued with respect to the last 10 years of its history.
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A similar situation occurred in the middle of the 2017 bull market. After which, the BTC price continued its exponential growth.
Bitcoin (BTC) resumed its descent yesterday following a rejection from resistance on June 15.
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It has reached a short-term horizontal and diagonal support level that could push the price higher.
Bitcoin fails to break out
On June 15, BTC reached a high of $41,330.
Bitcoin (BTC) has fallen back slightly today after reaching a local high around $41,300 on June 15.
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The high was made inside the $41,250 resistance area, from which a breakout has yet to occur.
Bitcoin (BTC) continued its ongoing increase yesterday, creating another bullish candlestick.
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It has reached a horizontal and Fib resistance area near $41,325 which could cause a short-term rejection and pullback.
Bitcoin (BTC) began to fall the week of June 7-14 but reversed its decrease and bounced back up.
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It has broken out from a short-term descending resistance line and is now approaching the first resistance area at $43,250.
In this article, BeInCrypto will take a look at the previous times, in which the weekly MACD gave a bearish reversal signal, and analyze the effect it had on the bitcoin (BTC) price movement afterwards.
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A team of strategists for JPMorgan, headed by Nikolaos Panigirtzoglou, believes bitcoin (BTC) is seeing a weak demand from big players.
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In today’s on-chain analysis, BeInCrypto looks at the behavior of long- and short-term bitcoin (BTC) holders in the context of the ongoing cycle trend.
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