Bitcoin
(BTC),
the
world’s
leading
cryptocurrency,
has
recently
experienced
a
pullback,
with
its
price
heading
for
the
$66,736
level.
This
dip
follows
a
period
of
significant
bullish
activity
that
had
previously
pushed
BTC’s
price
above
this
mark.
As
the
price
of
the
crypto
asset
approaches
this
critical
level,
the
key
question
is
whether
the
bulls
can

regain

strength
and
drive
BTC
back
into
an
upward
trajectory.

In
this
analysis,
we
will
examine
Bitcoin’s
recent
price
movement
with
the
help
of
technical
indicators
and
explore
the
possibility
of
a
bullish
recovery
at
the
$66,736
mark.

 

With
a
market
capitalization
of
over
$1.3
trillion
and
a
trading
volume
of
over
$29
billion,
BTC’s
price
was
up
0.62%
at
around
$67,238
as
of
the
time
of
writing.
Within
the
previous
day,
there
has
been
a
rise
in
BTC’s
market
value
of
0.68%
and
64.24%
in
its
trading
volume.

BTC’s
Price
Action
And
Technical
Indicators:
What
Are
They
Signaling?

Currently,
on
the
4-hour
chart,
Bitcoin
has
formed
two
bearish
momentum
candlesticks
moving
toward
the
$66,736
level.
Although
BTC
is
still
trading
above
the
100-day
Simple
Moving
Average
(SMA),
the
price
may
drop
to
the
$66,736
mark
before
beginning
to
ascend
again.

Also,
the
4-hour
Composite
Trend
Oscillator
indicates
that
BTC’s
price
may
maintain
its
bearish
trajectory
toward
the
$66,736
mark,
as
the
signal
line
has
crossed
below
the
SMA
of
the
indicator,
and
both
lines
are
currently
attempting
to
move
out
of
the
overbought
zone.

On
the
1-day
chart,
after
successfully
breaking
above
the
$66,736
resistance
level,
Bitcoin
is
attempting
a

retest

with
a
bearish
move
back
to
this
level.
It
is
also
notable
that
since
rising
above
the
100-day
SMA,
the
crypto
asset
has
maintained
strong
bullish
momentum,
suggesting
that
this
current
pullback
may
halt
at
the
$66,736
mark.

 

Finally,
the
1-day
composite
trend
oscillator
indicates
that
BTC’s
price
remains
bullish,
as
both
the
signal
line
and
SMA
of
the
indicator
are
attempting
to
rise
above
the
zero
line.
BTC
is
also
trading
above
the
1-day
SMA,
and
based
on
these
indicators,
it
can
be
suggested
that
the
current
pullback
may
be
short-term.

Potential
Scenarios:
Bullish
Rebound
Or
Further
Decline
For
Bitcoin?

Based
on
current
price
actions
and
technical
indicators,
the
price
of
Bitcoin
may
drop
to
the
$66,736
mark.
If

Bitcoin’s
price

drops
to
this
level
and
then
rebounds,
it
will
begin
to
ascend
toward
the
$71,909
resistance
level.
Should
the
price
break
above
this
resistance,
it
may
continue
to
rise,
testing
the
$73,811
level
and
potentially
moving
further
to
create
a
new
all-time
high.

However,
if
BTC’s
price
drops
to
the
$66,736
mark
and
closes
below,
it
will
continue
to
drop
toward
the
$64,616
support
level.
When
Bitcoin
breaks
below
this
level,
it
will
decline
further
to
test
the
$60,152
support
range
and
possibly
other
lower
levels.

Featured
image
from
iStock,
chart
from
Tradingview.com

Go to Source
Author: Godspower Owie

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