Bitcoin (BTC), the world’s main cryptocurrency, has not too long ago skilled a pullback, with its value heading for the $66,736 degree. This dip follows a interval of serious bullish exercise that had beforehand pushed BTC’s value above this mark. As the value of the crypto asset approaches this crucial degree, the important thing query is whether or not the bulls can regain energy and drive BTC again into an upward trajectory.
In this evaluation, we’ll study Bitcoin’s latest value motion with the assistance of technical indicators and discover the potential of a bullish restoration on the $66,736 mark.
With a market capitalization of over $1.3 trillion and a buying and selling quantity of over $29 billion, BTC’s value was up 0.62% at round $67,238 as of the time of writing. Within the day gone by, there was an increase in BTC’s market worth of 0.68% and 64.24% in its buying and selling quantity.
BTC’s Price Action And Technical Indicators: What Are They Signaling?
Currently, on the 4-hour chart, Bitcoin has shaped two bearish momentum candlesticks shifting towards the $66,736 degree. Although BTC continues to be buying and selling above the 100-day Simple Moving Average (SMA), the value could drop to the $66,736 mark earlier than starting to ascend once more.
Also, the 4-hour Composite Trend Oscillator signifies that BTC’s value could preserve its bearish trajectory towards the $66,736 mark, because the sign line has crossed under the SMA of the indicator, and each strains are at the moment trying to maneuver out of the overbought zone.
On the 1-day chart, after efficiently breaking above the $66,736 resistance degree, Bitcoin is trying a retest with a bearish transfer again to this degree. It can be notable that since rising above the 100-day SMA, the crypto asset has maintained sturdy bullish momentum, suggesting that this present pullback could halt on the $66,736 mark.
Finally, the 1-day composite development oscillator signifies that BTC’s value stays bullish, as each the sign line and SMA of the indicator try to rise above the zero line. BTC can be buying and selling above the 1-day SMA, and based mostly on these indicators, it may be prompt that the present pullback could also be short-term.
Potential Scenarios: Bullish Rebound Or Further Decline For Bitcoin?
Based on present value actions and technical indicators, the value of Bitcoin could drop to the $66,736 mark. If Bitcoin’s price drops to this degree after which rebounds, it can start to ascend towards the $71,909 resistance degree. Should the value break above this resistance, it might proceed to rise, testing the $73,811 degree and probably shifting additional to create a brand new all-time excessive.
However, if BTC’s value drops to the $66,736 mark and closes under, it can proceed to drop towards the $64,616 help degree. When Bitcoin breaks under this degree, it can decline additional to check the $60,152 help vary and probably different decrease ranges.
Featured picture from iStock, chart from Tradingview.com
