Price Analysis View Non-AMP

Bearish Charts Indicate Bitcoin’s Drop: Are We Heading for $48,500?

Published by
Zafar Naik

The price of Bitcoin has been struggling lately because the market sentiment isn’t great. Let’s break down what’s happening with BTC and why things look a bit gloomy.

A Tough Spot for Bitcoin

If you’ve been watching Bitcoin’s 1-hour chart, you’ve probably noticed that BTC is stuck at $56,700. It’s caught between the 20 day & 50 day moving averages, kind of like being stuck in a traffic jam.

The price started dropping from $64,000 and found some support at $53,800. But every time it tries to climb back up, it gets pushed down again by the 50-day moving average at $57,000. Even with some support at the $56,000 level, it’s not giving us much hope.

Rising Wedge Giving Warning

Right now, the chart shows a rising wedge pattern. This usually isn’t good news. It’s like BTC is trying to climb a slippery hill, and for the past four hours, all the hourly candles have been dojis—small moves that show the market is unsure. This means even a little bit of bad news could push BTC lower, leading to more drops in price.

More Bad News

If we check  the weekly chart, we see another bad sign there – The double top or “M” pattern. This often signals a big reversal after an uptrend, adding fuel to the negative feeling.

Never Ending Bearish Signs

The MACD indicator is also showing negative signs. It’s another clue that the bears are in control. The MACD line tried to cross the signal line, however failed.

On the other hand, the Fear & Greed Index has also dropped 3 points to 26, showing that fear is increasing in the market compared to yesterday.

BTC Might be Going to Bears

If the bears keep pushing, Bitcoin’s price could drop all the way down to $48,500. The current patterns and indicators all point to a tough time ahead for BTC.

Bitcoin’s price is currently struggling. A combination of negative patterns are visible on the chart. Patterns such as the rising wedge and double top, along with negative indicators like the MACD and a decreasing Fear & Greed Index, suggest that sellers are dominating the market. Traders and investors should be cautious, as the market might experience further declines if the negative sentiment persists. However, it can also be an opportunity for some people.

Read Also: Bitcoin Bloodbath: Gold To Rally 100%, But What About Digital Gold?

Zafar Naik

Zafar is a seasoned crypto and blockchain news writer with four years of experience. Known for accuracy, in-depth analysis, and a clear, engaging style, Zafar actively participates in blockchain communities. Beyond writing, Zafar enjoys trading and exploring the latest trends in the crypto market.

Recent Posts

7 Best Meme Coins to Buy Now — APC Coin’s Deflationary Setup Catches Eyes with Neiro, Pepe Unchained, and More

What if the next big crypto boom isn't driven by Bitcoin or Ethereum, but by…

June 7, 2025

Top 7 Indicators That Ozak AI Is the Next Big Thing in AI Tokens

Convergence of artificial intelligence (AI) and blockchain technology continues to reshape the crypto space, one…

June 7, 2025

A New Era Begins with FUNToken AI Agent

FUNToken launches a smart rewards bot — the first step toward building an AI agent…

June 7, 2025

The 6 Best Crypto Exchanges: Top Picks for Seasoned Pros in 2025

The crypto market of 2025 is now a full-blown financial arena where professionals, institutional traders,…

June 7, 2025

Analysts Say This New Crypto Is The Best Risk-To-Reward Play Over Dogecoin (DOGE)

Analysts are spotlighting Mutuum Finance (MUTM) as the best crypto to buy now, outshining Dogecoin…

June 7, 2025

Investors Are Moving Beyond Dogecoin (DOGE): Ruvi AI (RUVI) Emerges as the Smarter 2025 Altcoin Bet

Investors seeking more than speculative momentum are increasingly shifting their attention from Dogecoin (DOGE) toward…

June 7, 2025