As a seasoned analyst with over a decade of experience in financial markets, I have witnessed numerous market cycles and learned to read trends with precision. In my opinion, the current bearish pressure on Bitcoin (BTC) is noteworthy, given the technical indicators that suggest a potential decline towards the $63,316 mark. My life experiences have taught me to always pay close attention to such signs, as they can provide valuable insights into market behavior.
Currently, Bitcoin (BTC) is facing mounting bearish influence, with technical pointers predicting a possible downturn approaching the level of $63,316. The downward trend appears to be fueled by diminishing momentum and reduced trading activity.
With Bitcoin aiming for the $63,316 threshold, there’s heightened interest among investors and market observers. This price level could potentially signal more downward trends and prepare the way for Bitcoin to revisit lower support zones based on recent technical analysis. In this article, we delve into Bitcoin’s current price fluctuations and examine the pertinent technical indicators suggesting a possible continuation of the decline, primarily focusing on the 4-hour and daily charts.
Currently, Bitcoin boasts a market capitalization over $1.3 trillion and daily trading volumes exceeding $39 billion. At present, its price has dipped by approximately 3.81% to around $66,814 in the last 24 hours. During this timeframe, the asset’s market cap declined by 3.84%, while its trading volume saw a significant increase of about 70.25%.
Technical Analysis: Key Bearish Indicators
On the 4-hour chart, Bitcoin’s price appears to be bearing a downtrend, approaching the 100-day Simple Moving Average (SMA) at around $63,316. Notably, several bearish candlesticks have emerged as the cryptocurrency hovers near this support level.
1) On a 4-hour chart analysis, the Composite Trend Oscillator points towards a bearish continuation. The signal lines are moving beneath the indicator’s Simple Moving Average (SMA) and trending downwards towards zero. If the price follows this pattern, it may dip below its 100-day SMA, potentially reaching a minimum of $63,316.
Examining Bitcoin’s price action on the daily chart more closely reveals that its inability to surpass the trendline has caused a substantial decline towards the 100-day moving average and the support level of $63,316. Consequently, Bitcoin formed a bearish candlestick during the previous trading day.
The 1-Day composite trend oscillator signals a possible downturn for the cryptocurrency asset, with its signal line trying to dip beneath the indicator’s moving average. If this underpass occurs, it might trigger additional losses.
Recovery Or Further Decline For Bitcoin?
If the price of a digital asset falls beneath both the 100-day Simple Moving Average (SMA) and the $63,316 mark, it could potentially trigger further declines. The next significant support level to watch out for is around $60,152. Once this level gives way, there’s a chance that Bitcoin’s price may continue to slide downward, potentially reaching the $53,541 support range and possibly even lower levels.
If Bitcoin defies expectations and refuses to drop any further, instead rising again, it will approach the $71,909 resistance level as its next target. Should it surpass this barrier, it may aim for the $73,811 resistance mark as well, potentially setting a new all-time high.
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2024-07-30 16:34