{"id":626466,"date":"2024-06-26T11:30:53","date_gmt":"2024-06-26T11:30:53","guid":{"rendered":"https:\/\/wncen.com\/?p=626466"},"modified":"2024-06-26T09:52:36","modified_gmt":"2024-06-26T09:52:36","slug":"bitcoin-rejection-at-62498-signals-bearish-dominance","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin\/bitcoin-rejection-at-62498-signals-bearish-dominance\/","title":{"rendered":"Bitcoin Rejection At $62,498 Signals Bearish Dominance, Here Are Possible Outcomes"},"content":{"rendered":"

Bitcoin recently faced a significant rejection at the $62,498<\/span> resistance level<\/span><\/a>, underscoring the prevailing bearish dominance in the market. This failure to break through a critical threshold highlights the strength of selling pressure and raises concerns about potential downward trends.\u00a0<\/span><\/p>\n

The rejection at this key level signals caution among traders and investors, prompting a reassessment of market strategies. As bearish momentum persists, this analysis explores the possible outcomes for Bitcoin’s price movement and the broader implications for the cryptocurrency market.<\/span><\/p>\n

As of the time of writing, the market capitalization of Bitcoin is over $1.2 trillion, with a trading volume of over $27 billion. The cryptocurrency price is currently up by 1.2%, trading at roughly $61,582. Despite a 31.26% increase in market capitalization, there has been a 35.43% decrease in trading volume over the last day.<\/span><\/p>\n

Technical Indicators: Signs Of Continued Bearish Pressure<\/strong><\/h2>\n

BTC price<\/span><\/a> on the 4-hour chart is still actively bearish and trading below the 100-day Simple Moving Average (SMA). Currently, Bitcoin is attempting a downward move after a rejection at $62,498, which is represented by a blue line on the chart.<\/span><\/p>\n

\"Bitcoin\"
Source: BTCUSDT on Tradingview.com<\/figcaption><\/figure>\n

The formation of the 4-hour William Alligator signals that the price of BTC may extend its bearish trend as there is no successful cross of both the alligator lip and tooth above the alligator jaw.<\/span><\/p>\n

On the 1-day chart, it can be observed that Bitcoin\u2019s price is making a huge drop after being rejected for the second time at the $62,498 level, thereby signaling more bearishness even as it continues to trade below the 100-day SMA.<\/span><\/p>\n

Additionally, the 1-day William alligator also indicates more bearishness for BTC. After a successful cross of the alligator lip and teeth below the alligator jaw, they have been maintaining a good spread from each other.<\/span><\/p>\n

\"Bitcoin\"
Source: BTCUSDT on Tradingview.com<\/figcaption><\/figure>\n

It should be noted that the crypto asset\u2019s price, from an overall point of view, is actively bearish. Given the formation of the price action and indicators on both the 4-hour and the 1-day chart, it can seen that <\/span>the bears<\/span><\/a> are currently dominating the market.<\/span><\/p>\n

Potential Scenarios: What\u2019s Next for Bitcoin?<\/strong><\/h2>\n

An analysis of potential future scenarios for BTC\u2019s price movement following the rejection reveals that if Bitcoin continues to move downward and break below the $60,152 support level, it may move lower to test the $58,523 support level and probably move on to test other lower levels if the price breaches this level.<\/span><\/p>\n

However, if there is a rejection at the $60,152 support level, Bitcoin may start moving upward toward the $64,515 resistance level. If this level is breached, the crypto asset may experience more price growth toward the $71,909 resistance level and possibly other levels above.<\/span><\/p>\n

\"Bitcoin\"
BTC trading at $61,515 on the 1D chart | Source: BTCUSDT on Tradingview.com<\/a><\/figcaption><\/figure>\n
Featured image from iStock, chart from Tradingview.com<\/div>\n","protected":false},"excerpt":{"rendered":"

Bitcoin recently faced a significant rejection at the $62,498 resistance level, underscoring the prevailing bearish dominance in the market. This failure to break through a critical threshold highlights the strength of selling pressure and raises concerns about potential downward trends.\u00a0 The rejection at this key level signals caution among traders and investors, prompting a reassessment of market strategies. As bearish momentum persists, this analysis explores the possible outcomes for Bitcoin’s price movement and the broader implications for the cryptocurrency market. As of the time of writing, the market capitalization of Bitcoin is over $1.2 trillion, with a trading volume of over $27 billion. The cryptocurrency price is currently up by 1.2%, trading at roughly $61,582. Despite a 31.26% increase in market capitalization, there has been a 35.43% decrease in trading volume over the last day. Technical Indicators: Signs Of Continued Bearish Pressure BTC price on the 4-hour chart is still actively bearish and trading below the 100-day Simple Moving Average (SMA). Currently, Bitcoin is attempting a downward move after a rejection at $62,498, which is represented by a blue line on the chart. The formation of the 4-hour William Alligator signals that the price of BTC may extend its bearish trend as there is no successful cross of both the alligator lip and tooth above the alligator jaw. On the 1-day chart, it can be observed that Bitcoin\u2019s price is making a huge drop after being rejected for the second time at the $62,498 level, thereby signaling more bearishness even as it continues to trade below the 100-day SMA. Additionally, the 1-day William alligator also indicates more bearishness for BTC. After a successful cross of the alligator lip and teeth below the alligator jaw, they have been maintaining a good spread from each other. It should be noted that the crypto asset\u2019s price, from an overall point of view, is actively bearish. Given the formation of the price action and indicators on both the 4-hour and the 1-day chart, it can seen that the bears are currently dominating the market. Potential Scenarios: What\u2019s Next for Bitcoin? An analysis of potential future scenarios for BTC\u2019s price movement following the rejection reveals that if Bitcoin continues to move downward and break below the $60,152 support level, it may move lower to test the $58,523 support level and probably move on to test other lower levels if the price breaches this level. However, if there is a rejection at the $60,152 support level, Bitcoin may start moving upward toward the $64,515 resistance level. If this level is breached, the crypto asset may experience more price growth toward the $71,909 resistance level and possibly other levels above. Featured image from iStock, chart from Tradingview.com<\/p>\n","protected":false},"author":608,"featured_media":626469,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651],"tags":[92648,92646,92647,428,1119,1144,78790,91599,85676,92645],"class_list":["post-626466","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","tag-alligator-jaw","tag-alligator-lip","tag-alligator-teeth","tag-bitcoin","tag-btc","tag-btcusd","tag-btcusdt","tag-simple-moving-average","tag-sma","tag-william-alligator"],"acf":[],"yoast_head":"\nBitcoin Rejection At $62,498 Signals Bearish Dominance, Here Are Possible Outcomes<\/title>\n<meta name=\"description\" content=\"Bitcoin recently faced a significant rejection at the $62,498 resistance level, underscoring the prevailing bearish dominance in the 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Trust me, I\u2019ve had my share of experience with the ups and downs in the market but I never for once lost the passion to grow in the field. This is because I believe growth leads to excellence and that\u2019s my goal in the field. And today, I am an employee of Bitcoinnist and NewsBTC news outlets. My Bosses and co-workers are the best kinds of people I have ever worked with, in and outside the crypto landscape. I intend to give my all working alongside my amazing colleagues for the growth of these companies. Sometimes I like to picture myself as an explorer, this is because I like visiting new places, I like learning new things (useful things to be precise), I like meeting new people - people who make an impact in my life no matter how little it is. One of the things I love and enjoy doing the most is football. It will remain my favorite outdoor activity, probably because I'm so good at it. I am also very good at singing, dancing, acting, fashion and others. 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I grew up with my three siblings who have always been my idols and mentors, helping me to grow and understand the way of life. My parents are literally the backbone of my story. They\u2019ve always supported me in good and bad times and never for once left my side whenever I feel lost in this world. Honestly, having such amazing parents makes you feel safe and secure, and I won\u2019t trade them for anything else in this world. I was exposed to the cryptocurrency world 3 years ago and got so interested in knowing so much about it. It all started when a friend of mine invested in a crypto asset, which he yielded massive gains from his investments. When I confronted him about cryptocurrency he explained his journey so far in the field. It was impressive getting to know about his consistency and dedication in the space despite the risks involved, and these are the major reasons why I got so interested in cryptocurrency. Trust me, I\u2019ve had my share of experience with the ups and downs in the market but I never for once lost the passion to grow in the field. This is because I believe growth leads to excellence and that\u2019s my goal in the field. And today, I am an employee of Bitcoinnist and NewsBTC news outlets. My Bosses and co-workers are the best kinds of people I have ever worked with, in and outside the crypto landscape. I intend to give my all working alongside my amazing colleagues for the growth of these companies. Sometimes I like to picture myself as an explorer, this is because I like visiting new places, I like learning new things (useful things to be precise), I like meeting new people - people who make an impact in my life no matter how little it is. One of the things I love and enjoy doing the most is football. It will remain my favorite outdoor activity, probably because I'm so good at it. I am also very good at singing, dancing, acting, fashion and others. I cherish my time, work, family, and loved ones. I mean, those are probably the most important things in anyone's life. I don't chase illusions, I chase dreams. I know there is still a lot about myself that I need to figure out as I strive to become successful in life. I\u2019m certain I will get there because I know I am not a quitter, and I will give my all till the very end to see myself at the top. I aspire to be a boss someday, having people work under me just as I\u2019ve worked under great people. This is one of my biggest dreams professionally, and one I do not take lightly. Everyone knows the road ahead is not as easy as it looks, but with God Almighty, my family, and shared passion friends, there is no stopping me.","sameAs":["https:\/\/x.com\/NFTwerey"],"url":"https:\/\/wncen.com\/author\/godspowerowie\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Rejection At $62,498 Signals Bearish Dominance, Here Are Possible Outcomes","url":"http:\/\/wncen.com\/news\/bitcoin\/bitcoin-rejection-at-62498-signals-bearish-dominance\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/news\/bitcoin\/bitcoin-rejection-at-62498-signals-bearish-dominance\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/06\/iStock-1248674191.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/06\/iStock-1248674191.jpg?fit=2120%2C1415"},"articleSection":"Bitcoin","author":[{"@type":"Person","name":"Godspower Owie"}],"creator":["Godspower Owie"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["alligator jaw","alligator lip","alligator teeth","bitcoin","btc","btcusd","btcusdt","simple moving average","sma","william alligator"],"dateCreated":"2024-06-26T11:30:53Z","datePublished":"2024-06-26T11:30:53Z","dateModified":"2024-06-26T11:30:53Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Rejection At $62,498 Signals Bearish Dominance, Here Are Possible Outcomes\",\"url\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin\\\/bitcoin-rejection-at-62498-signals-bearish-dominance\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/news\\\/bitcoin\\\/bitcoin-rejection-at-62498-signals-bearish-dominance\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/06\\\/iStock-1248674191.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/06\\\/iStock-1248674191.jpg?fit=2120%2C1415\"},\"articleSection\":\"Bitcoin\",\"author\":[{\"@type\":\"Person\",\"name\":\"Godspower Owie\"}],\"creator\":[\"Godspower Owie\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"alligator jaw\",\"alligator lip\",\"alligator teeth\",\"bitcoin\",\"btc\",\"btcusd\",\"btcusdt\",\"simple moving average\",\"sma\",\"william alligator\"],\"dateCreated\":\"2024-06-26T11:30:53Z\",\"datePublished\":\"2024-06-26T11:30:53Z\",\"dateModified\":\"2024-06-26T11:30:53Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/06\/iStock-1248674191.jpg?fit=2120%2C1415","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/626466","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/608"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=626466"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/626466\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/626469"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=626466"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=626466"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=626466"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}