Bitcoin (BTC) is currently facing increased bearish pressure, with technical indicators pointing towards a potential drop to the $63,316 mark. This downward trend is influenced by factors such as weakening momentum and decreasing trading volume. Investors and analysts are closely monitoring these developments, as they may indicate further declines and set the stage for BTC to test lower support levels.

Bitcoin currently boasts a market capitalization exceeding $1.3 trillion and a trading volume surpassing $39 billion. At the time of writing, its price was down by 3.81%, trading around $66,814 over the last 24 hours. During this period, the asset’s market cap has decreased by 3.84%, while its trading volume has surged by 70.25%.

4-Hour Chart Analysis

On the 4-hour chart, BTC appears bearish as it heads towards the 100-day Simple Moving Average (SMA). The price of Bitcoin has printed multiple bearish candlesticks as it nears the $63,316 support level. The Composite Trend Oscillator on the 4-hour chart further supports a bearish trend, with both signal lines falling below the indicator’s SMA and moving towards the zero level. If the price continues to decline as indicated, it could potentially drop below the 100-day SMA, reaching the $63,316 mark.

1-Day Chart Analysis

A closer look at Bitcoin’s movement on the 1-day chart reveals that the failure to break above the 1-day trendline has resulted in a significant price drop towards the 100-day SMA and the $63,316 support level. This decline has led to the formation of a bearish candlestick in the previous day’s trading. Additionally, the 1-Day composite trend oscillator signals a potential bearish decline, as the signal line is currently trying to cross below the indicator’s SMA. If this crossover occurs, it could lead to further losses for the crypto asset.

If Bitcoin’s price falls below the 100-day SMA and the $63,316 mark, it may continue to drop and test the $60,152 support level. A breach of this level could result in further price drops towards the $53,541 support range and potentially lower levels. However, if Bitcoin defies the predicted decline and starts moving upwards, it could aim for the $71,909 resistance level. Breaking above $71,909 may propel BTC higher towards the $73,811 resistance point, and potentially set the stage for a new all-time high.

Bitcoin is currently under significant bearish pressure, with technical indicators suggesting a potential price decline towards key support levels. Investors and analysts are advised to closely monitor Bitcoin’s price movements and indicators to assess the likelihood of further declines or a potential reversal in trend.

Analysis

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