Bitcoin (BTC), the leading cryptocurrency in the world, has recently experienced a pullback in its price, heading towards the $66,736 level. This dip comes after a period of significant bullish activity that pushed BTC’s price above this critical mark. As the price approaches this level, the key question is whether the bulls can regain strength and drive Bitcoin back into an upward trajectory.
With a market capitalization of over $1.3 trillion and a trading volume exceeding $29 billion, BTC was up 0.62% at approximately $67,238 at the time of writing. Over the previous day, the cryptocurrency saw an increase in market value of 0.68% and a staggering 64.24% rise in trading volume.
On the 4-hour chart, Bitcoin has formed two bearish momentum candlesticks moving towards the $66,736 level. Although the cryptocurrency is still trading above the 100-day Simple Moving Average (SMA), there is a possibility that the price may drop to the $66,736 mark before beginning an upward movement again.
Furthermore, the 4-hour Composite Trend Oscillator suggests that BTC’s price may continue its bearish trajectory towards the $66,736 mark. The signal line has crossed below the SMA of the indicator, and both lines are making efforts to move out of the overbought zone.
On the 1-day chart, Bitcoin recently broke above the $66,736 resistance level and is now attempting a retest with a bearish move back towards this critical level. Since surpassing the 100-day SMA, the cryptocurrency has maintained strong bullish momentum, indicating that the current pullback may find support at the $66,736 mark.
Additionally, the 1-day composite trend oscillator shows that BTC’s price remains bullish, with both the signal line and SMA of the indicator attempting to rise above the zero line. Trading above the 1-day SMA, it can be inferred that the current pullback may be temporary.
Based on current price actions and technical indicators, there is a likelihood that the price of Bitcoin will drop to the $66,736 mark. If the price rebounds from this level, it could start moving upwards towards the $71,909 resistance level. Breaking above this resistance may lead to further upward movement, testing the $73,811 level and potentially establishing a new all-time high.
However, if Bitcoin’s price drops to $66,736 and closes below, it is likely to see further decline towards the $64,616 support level. Breaking below this support could lead to a continued drop, testing the $60,152 support range and potentially lower levels in the future.
While the current market situation suggests a possible pullback in Bitcoin’s price, there is also a chance of bullish recovery at the $66,736 mark based on technical indicators and price movements. Investors should closely monitor these key levels to assess the future direction of BTC’s price.
