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Bitcoin (BTC), the world’s main cryptocurrency, has just lately skilled a pullback, with its price heading for the $66,736 stage. This dip follows a interval of serious bullish exercise that had beforehand pushed BTC’s price above this mark. Because the price of the crypto asset approaches this crucial stage, the important thing query is whether or not the bulls can regain energy and drive BTC again into an upward trajectory.
On this analysis, we are going to look at Bitcoin’s current price motion with the assistance of technical indicators and discover the opportunity 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 price was up 0.62% at round $67,238 as of the time of writing. Inside yesterday, 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 shifting towards the $66,736 stage. Though BTC continues to be buying and selling above the 100-day Easy Transferring Common (SMA), the price could drop to the $66,736 mark earlier than starting to ascend once more.
Additionally, the 4-hour Composite Pattern Oscillator signifies that BTC’s price could preserve its bearish trajectory towards the $66,736 mark, because the sign line has crossed beneath the SMA of the indicator, and each traces are presently trying to maneuver out of the overbought zone.
On the 1-day chart, after efficiently breaking above the $66,736 resistance stage, Bitcoin is trying a retest with a bearish transfer again to this stage. 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 could halt on the $66,736 mark.
Lastly, the 1-day composite pattern oscillator signifies that BTC’s price 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 advised that the present pullback could also be short-term.
Potential Situations: Bullish Rebound Or Additional Decline For Bitcoin?
Primarily based on present price actions and technical indicators, the price of Bitcoin could drop to the $66,736 mark. If Bitcoin’s price drops to this stage after which rebounds, it’s going to start to ascend towards the $71,909 resistance stage. Ought to the price break above this resistance, it could proceed to rise, testing the $73,811 stage and probably shifting additional to create a brand new all-time excessive.
Nevertheless, if BTC’s price drops to the $66,736 mark and closes beneath, it’s going to proceed to drop towards the $64,616 assist stage. When Bitcoin breaks beneath this stage, 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