Bitcoin has been making waves in the financial world, with its price surpassing $71,000 multiple times recently, although it fell short of reaching $73,000 due to strong selling pressure. This pressure led to a correction, resulting in a significant drop. Despite this, there are still optimistic views in the market that the bullish trend may not be over.
Bitcoin Daily Chart
Analyzing the daily chart, BTC struggled to maintain its position above the $66,000 mark. According to TradingRage analyst’s analysis, Bitcoin appears to be in a corrective phase. The analyst expressed concerns as Bitcoin failed to break out of a descending channel formation, indicating a false breakout.
During this period, BTC’s RSI value dropped below 50, suggesting that sellers are gaining control. This has sparked fears of a further downward momentum in the market. However, the price continues to hover around the $60,000 support level.
Bitcoin 4-Hour Chart
On the other hand, a more positive outlook can be seen when examining the 4-hour chart of BTC. Despite a slight dip below the support level of the horizontal channel, the price seems to have bounced back.
If Bitcoin remains within this channel, there is a possibility of testing the $72,000 resistance area once again. However, a sustained downward break of the channel could lead to a further decline in price.
At the time of writing, BTC is trading at $66,100, with buyers stepping in at $0.06 in the last 24 hours. The market cap of BTC remains above $1.3 trillion, maintaining its significance.
BTC’s 24-hour trading volume has dropped to $15 billion, reflecting a 43% decrease and indicating a decline in investor interest.
Disclaimer: The information provided in this article is not intended as investment advice. Investors should be aware of the high volatility and risks associated with cryptocurrencies and conduct their own research.
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