The cryptocurrency market has experienced a harsh decline recently. This downturn has also significantly affected the price of the leading cryptocurrency, Bitcoin. Particularly, the cryptocurrency BTC has continued its downward trend following a recent pullback. Market fluctuations and the inability of the price to rise above the 100-day Simple Moving Average (SMA) and trend line have increased investor anxiety. Now, all eyes are on the future price movements of Bitcoin.
What’s Next for Bitcoin Prices?
As this article is being written, the cryptocurrency Bitcoin is trading around $63,172, down 28% from its all-time high, with a 1.27% decrease in the last 24 hours. The price remaining below the 100 SMA on the 4-hour chart indicates short-term downward pressure, while trading above the 100 SMA on the daily chart could provide some stability, according to some analysts.
When examining technical indicators, the levels of $59,653 and $67,255 are seen as significant support and resistance levels. However, if the price continues its downward movement, the possibility of new support and resistance levels forming should not be overlooked.
RSI Supports Downward Movement
Looking at the 4-hour time frame, the price is seen trading below the 100-day moving average, signaling that the downtrend may continue. Additionally, the RSI indicator is below the 50 line, indicating a downward trend. The MACD indicator is also below the zero line, suggesting the price could fall further. These indicators together strengthen the possibility that Bitcoin is still in a bear market and could face further declines.
If the price of the cryptocurrency Bitcoin falls below the $59,653 support level, a deeper correction could occur. However, if it remains above this support level, the price could rise again and aim for the $67,255 resistance level.
In the last month, the flagship of cryptocurrencies, Bitcoin, is currently on an uncertain path, and it is important for investors to be cautious. Both short-term trends and long-term fundamental factors should be considered.
