BTC Tests 50-DMA Support Amid Bearish Momentum
Bitcoin has been testing its support at the 50-day moving average (DMA), a key indicator of market sentiment, after falling below the July 6 Timescape Level. According to FireCharts' CVD (Capitalized Value Dynamics) data, there was a net unified buying amount of just $25 million across all order classes, indicating limited capital commitment from buyers.
On the 4-hour chart, BTC is trading at $63,475.55 and is currently against the lower Bollinger Band support at $63,484.27. The EMA50 resistance is set at $64,406.46, while the EMA200 is at $63,755.2. The MACD death cross of -221.24 and RSI of 33.76 confirm bearish momentum, suggesting that a retest of the $63,484.27 level may occur before any sustained recovery attempt.
Traders are advised to wait for daily candle close confirmation before entering long positions due to the limited capital commitment from buyers.