Bitcoin (BTC), the world’s leading cryptocurrency, has recently experienced a pullback, with its price heading for the $66,736 level. This dip follows a period of significant bullish activity that had previously pushed BTC’s price above this mark. As the price of the crypto asset approaches this critical level, the key question is whether the bulls can regain strength and drive BTC back into an upward trajectory.
With a market capitalization of over $1.3 trillion and a trading volume of over $29 billion, BTC’s price was up 0.62% at around $67,238 as of the time of writing. Within the previous day, there has been a rise in BTC’s market value of 0.68% and 64.24% in its trading volume. Currently, on the 4-hour chart, Bitcoin has formed two bearish momentum candlesticks moving toward the $66,736 level. Although BTC is still trading above the 100-day Simple Moving Average (SMA), the price may drop to the $66,736 mark before beginning to ascend again.
The 4-hour Composite Trend Oscillator indicates that BTC’s price may maintain its bearish trajectory toward the $66,736 mark, as the signal line has crossed below the SMA of the indicator, and both lines are currently attempting to move out of the overbought zone. On the 1-day chart, after successfully breaking above the $66,736 resistance level, Bitcoin is attempting a retest with a bearish move back to this level.
Based on current price actions and technical indicators, the price of Bitcoin may drop to the $66,736 mark. If Bitcoin’s price drops to this level and then rebounds, it will begin to ascend toward the $71,909 resistance level. Should the price break above this resistance, it may continue to rise, testing the $73,811 level and potentially moving further to create a new all-time high. However, if BTC’s price drops to the $66,736 mark and closes below, it will continue to drop toward the $64,616 support level.
The future of Bitcoin remains uncertain as the cryptocurrency experiences a pullback towards the $66,736 level. While technical indicators suggest a short-term bearish trend, there is still potential for a bullish recovery if the price rebounds at this critical level. Traders and investors should closely monitor BTC’s price movements and key support/resistance levels to gain a better understanding of its future trajectory in the volatile cryptocurrency market.
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