Bitcoin (BTC), the world’s main cryptocurrency, has not too long ago 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 essential degree, the important thing query is whether or not the bulls can regain energy and drive BTC again into an upward trajectory.
On this evaluation, we are going to look at Bitcoin’s current worth 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 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?
Presently, on the 4-hour chart, Bitcoin has shaped two bearish momentum candlesticks transferring towards the $66,736 degree. Though BTC continues to be buying and selling above the 100-day Easy Shifting Common (SMA), the worth might 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 might keep its bearish trajectory towards the $66,736 mark, because the sign line has crossed under the SMA of the indicator, and each traces 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’s also notable that since rising above the 100-day SMA, the crypto asset has maintained sturdy bullish momentum, suggesting that this present pullback might halt on the $66,736 mark.
Lastly, the 1-day composite pattern oscillator signifies that BTC’s worth stays bullish, as each the sign line and SMA of the indicator are trying 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 urged that the present pullback could also be short-term.
Potential Situations: Bullish Rebound Or Additional Decline For Bitcoin?
Based mostly on present worth actions and technical indicators, the worth of Bitcoin might drop to the $66,736 mark. If Bitcoin’s worth drops to this degree after which rebounds, it’s going to start to ascend towards the $71,909 resistance degree. Ought to the worth break above this resistance, it could 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’s going to proceed to drop towards the $64,616 assist degree. When Bitcoin breaks under this degree, it’s going to decline additional to check the $60,152 assist vary and probably different decrease ranges.
Featured picture from iStock, chart from Tradingview.com
