Bitcoin is currently facing a significant decline in its price, with the market sentiment turning increasingly bearish. This shift can be attributed to a combination of macroeconomic factors and a surge in selling pressure. As a result, Bitcoin is struggling to maintain higher levels, causing anxiety among investors and traders.
Taking a closer look at the 4-hour chart, it is evident that Bitcoin’s price is actively bearish and has dropped below the $64,515 support level. The price is now heading towards the $60,158 support level, indicating a further decline in price. The Relative Strength Index (RSI) on the 4-hour chart has also dropped sharply below 50%, signaling that there is a high possibility of continued price decline.
On the 1-day chart, Bitcoin’s price is currently trading below the 100-day Simple Moving Average (SMA) and is moving towards the $60,158 support level with strong bearish momentum. The RSI on the 1-day chart further supports the bearish sentiment, with the signal line trending close to the oversold zone. This suggests that Bitcoin’s price is at risk of extending its decline in the near future.
If Bitcoin’s price reaches the $60,158 support level, two possible scenarios may unfold. Firstly, there could be a rejection at this level, leading to a price reversal and a move towards the $64,515 resistance level. However, if the support level is breached, Bitcoin may continue to fall towards the $56,524 support level. Breaking below this level could result in further decline, testing the $50,604 support level and potentially even lower levels.
The future of Bitcoin’s price seems uncertain as it continues to face selling pressure and struggles to maintain higher levels. Traders and investors should closely monitor the price action and key support and resistance levels to assess the potential for further decline or a possible reversal in the price trend.
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