Bitcoin’s price momentum faces uncertainty as it hovers around $68,000, with recent technical indicators showing mixed signals that traders are closely watching. After peaking at $73,600, BTC has pulled back to $68,149, displaying signs of a bearish trend in the daily charts. Immediate support lies between $67,500 to $68,000, while a strong resistance level sits at the recent high of $73,600. The 4-hour chart reflects a downtrend with lower highs, suggesting that the market leans towards sellers unless strong buying volume steps in.
On shorter timeframes, Bitcoin struggles to breach the $69,000 resistance level. The RSI remains neutral, while momentum indicators like the MACD show a bearish tilt. Short- and medium-term moving averages indicate resistance against upward momentum, while long-term indicators hint at
potential optimism.
Bullish Outlook:
If Bitcoin can stabilize above $68,000 and break through the $69,500 level with strong volume, it may regain bullish momentum and retest prior highs.
Bearish Outlook:
Failure to hold the $68,000 level and a break below $67,823 could lead to increased selling pressure and further declines.
#Bitcoin #CryptoNews #BTC #CryptoMarket #TechnicalAnalysis
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