Bitcoin (BTC) is currently facing increasing bearish pressure in the market, with various technical indicators signaling a potential decline towards the $63,316 mark. This decline is attributed to weakening momentum and a decrease in trading volume, which are causing concern among investors and analysts. The market capitalization of Bitcoin currently exceeds $1.3 trillion, with a trading volume surpassing $39 billion. As of the time of writing, Bitcoin’s price has dropped by 3.81%, trading around $66,814 over the last 24 hours.
Analyzing Bitcoin’s price movements on the 4-hour chart reveals a bearish trend, with the price dropping towards the 100-day Simple Moving Average (SMA). Multiple bearish candlesticks have been observed as Bitcoin approaches the $63,316 support level. The Composite Trend Oscillator on the 4-hour chart further supports this bearish trend, with both signal lines falling below the indicator’s SMA and heading towards the zero level. If the price continues to decline as indicated by the oscillator, it could potentially fall below the 100-day SMA, reaching the $63,316 mark.
A closer look at Bitcoin’s movement on the 1-day chart reveals a failure to break above the trendline, leading to a significant price drop towards the 100-day SMA and the $63,316 support level. This has resulted in the printing of a bearish candlestick in the previous day’s trading. The 1-Day composite trend oscillator also indicates a potential bearish decline, with the signal line on the verge of crossing below the indicator’s SMA. If this crossover occurs, it could trigger further losses for the cryptocurrency.
If Bitcoin’s price falls below the 100-day SMA and the $63,316 mark, it may continue to decline towards the $60,152 support level. Breaking this level could lead to more price drops towards the $53,541 support range and possibly lower levels. However, in the event that Bitcoin defies the predicted decline and starts moving upwards, it could target the $71,909 resistance level. Breaking above this resistance could push Bitcoin to challenge the $73,811 level and potentially set a new all-time high.
Bitcoin is currently under pressure from bearish market forces, with technical indicators signaling a potential decline towards the $63,316 support level. Traders and investors need to closely monitor Bitcoin’s price movements and key support levels to assess the future direction of the cryptocurrency.
