Bitcoin
(BTC),

the
leading
cryptocurrency
by
market
capitalization,
is
facing
renewed
bearish
pressure
as
its
price
falls
below
the
1-day
Simple
Moving
Average
(SMA).
This
technical
indicator,
widely
used
by
traders
to
gauge
market
trends,
signals
a
potential
continuation
of
the
downward
trajectory
for
BTC. 

As
Bitcoin
targets
new
lows,
the
breach
of
the
1-day
SMA
underscores
increasing
bearish
sentiment
and
heightened
volatility
in
the
market.
Investors
and
analysts
are
closely
monitoring
this
development,
as
it
may
indicate
further
declines
and
set
the
stage
for
Bitcoin
to
test
lower
support
levels.

 

With
a
market
capitalization
of
more
than
$1.3
trillion
and
a
trading
volume
of
more
than
$25
billion
as
of
the
time
of
writing,
the
price
of
Bitcoin
is
currently
down
by
1.49%,
trading
at
around
$66,133
in
the
last
24
hours.
BTC
market
cap
and
trading
volume
are
currently
down
by
1.52%
and
4.84%
respectively.

Bitcoin
Market
Sentiment
Turns
Bearish

On
the
4-hour
chart,
the
price
of
BTC
looks
bearish
as
it
is
currently
trading
below
the
100-day
simple
moving
average.
It
can
also
be
observed
here
that
Bitcoin
is
attempting
a
further
move
towards
the
$64,515

support
level.

The
composite
trend
oscillator
on
the
4-hour
chart
also
signals
a
bearish
sign
as
both
the
signal
line
and
SMA
of
the
indicator
are
currently
trending
in
the
oversold
zone.
As
it
stands
now,
those
two
will
linger
there
for
a
while
thereby
sending
the
price
bearish.

A
careful
look
at
BTC
price
movement
on
the
1-day
chart
shows
that
there
is
always
a
successful
break
of
the
price
below
the
100-day
SMA.
Currently,
the
crypto
asset
seems
to
be
attempting
a
short-term
retracement
before
dropping
further.

 

Additionally,
the
formation
of
the
1-Day
Composite
Trend
Oscillator
signals
a
bearish
fall
ahead
as
both
the
signal
line
and
the
SMA
of
the
indicator
after
crossing
each
other
are
descending
towards
the
zero
line
and
could
drop
below
this
point.

Key
Support
Levels
To
Watch

Currently,
there
are
four
key
support
levels
$64,515,
$60,158,
$56,523,
and
$50,604
to
look
out
for
respectively.
If
the
price
of
Bitcoin
continues
bearish
as
predicted,
it
will
start
to
move
downward
toward
the
$64,515
support
level.
In
the
event
of
a
break
below
this
level,

BTC

will
decline
further
to
test
the
$60,158
level
and
possibly
other
support
levels.

However,
given
that
the
digital
asset
fails
to
decline
further
as
predicted
and
decides
to
start
a
move
upward,
it
will
begin
to
move
toward
the
$71,909
resistance
level.
It
could
move
even
higher
to
challenge
the
$73,811
resistance
level
if
it
breaks
above
the
aforementioned
level
and
possibly
moves
on
to
create
a
new
high.

Featured
image
from
iStock,
chart
from
Tradingview.com

Go to Source
Author: Godspower Owie

Recommended Crypto Services, Products and Strategies: