Bitcoin (BTC), the world’s main cryptocurrency, has just lately skilled a pullback, with its worth heading for the $66,736 degree. This dip follows a interval of serious bullish exercise that had beforehand pushed BTC’s worth above this mark. As the worth of the crypto asset approaches this crucial degree, the important thing query is whether or not the bulls can regain power and drive BTC again into an upward trajectory.
On this evaluation, we are going to look at Bitcoin’s latest worth motion with the assistance of technical indicators and discover the potential for 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 worth was up 0.62% at round $67,238 as of the time of writing. Inside the day prior to this, there was an increase in BTC’s market worth of 0.68% and 64.24% in its buying and selling quantity.
BTC’s Value Motion And Technical Indicators: What Are They Signaling?
At present, on the 4-hour chart, Bitcoin has shaped two bearish momentum candlesticks transferring towards the $66,736 degree. Though BTC remains to be buying and selling above the 100-day Easy Transferring Common (SMA), the worth could drop to the $66,736 mark earlier than starting to ascend once more.
Additionally, the 4-hour Composite Development Oscillator signifies that BTC’s worth 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 presently making an attempt to maneuver out of the overbought zone.
On the 1-day chart, after efficiently breaking above the $66,736 resistance degree, Bitcoin is making an attempt a retest with a bearish transfer again to this degree. Additionally it is 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.
Lastly, the 1-day composite development oscillator signifies that BTC’s worth stays bullish, as each the sign line and SMA of the indicator try to rise above the zero line. BTC can also be buying and selling above the 1-day SMA, and primarily based on these indicators, it may be urged that the present pullback could also be short-term.
Potential Eventualities: Bullish Rebound Or Additional Decline For Bitcoin?
Primarily based on present worth actions and technical indicators, the worth of Bitcoin could drop to the $66,736 mark. If Bitcoin’s worth drops to this degree after which rebounds, it’ll start to ascend towards the $71,909 resistance degree. Ought to the worth break above this resistance, it might proceed to rise, testing the $73,811 degree and doubtlessly transferring additional to create a brand new all-time excessive.
Nonetheless, if BTC’s worth drops to the $66,736 mark and closes under, it’ll proceed to drop towards the $64,616 help degree. When Bitcoin breaks under this degree, it’ll decline additional to check the $60,152 help vary and probably different decrease ranges.
Featured picture from iStock, chart from Tradingview.com