Scary Bitcoin Price Drop and Bearish Outlook: Bitcoin News Today [Bad News] - 2023 Prediction #BitcoinDisaster #BitcoinPricePrediction #BitcoinNewsToday #BadNews #CryptoMarketUpdate Bitcoin is experiencing a significant drop, losing support at $26,300 and showing signs of bearish divergence. The bears are absorbing buying pressure, resulting in a lower high. Short positions are currently profitable, and many long positions have been liquidated. Open interest suggests new money entering the market for shorting. The overall trend is bearish, and the price is expected to reach new lows, potentially below $25,350. However, there are indications of a potential bottom forming, such as a higher low on the RSI indicator. The stock market's performance, particularly the S&P 500, is also influencing Bitcoin's outlook. If key support levels are breached, a bearish scenario becomes more likely, leading to another lower low. The upcoming CPI data release and FOMC meeting will bring increased volatility and serve as a decision point for both Bitcoin and the stock market.
Highlights Bitcoin is dumping and has lost support at $26,300. #BitcoinDump Bearish divergence and lower high indicate selling pressure. #BearishIndication Short positions are profitable, while many long positions have been liquidated. #ProfitableShorts Open interest suggests new money entering the market for shorting. #NewShortPositions The trend is bearish, with expectations of reaching new lows below $25,350. #BearishTrend Signs of a potential bottom include a higher low on the RSI indicator. #PotentialBottom The stock market's performance, especially the S&P 500, is influential. #StockMarketInfluence Key support levels breaking would indicate a bearish scenario. #BreakingSupportLevels The upcoming CPI data release and FOMC meeting will bring volatility and serve as a decision point. #CPIdata #FOMCmeeting
