Bitcoin has been on a rollercoaster ride, reaching over $71,000 multiple times but failing to hit $73,000 due to strong selling pressure. This pressure led to a sharp decline, sparking a correction. Despite this, there are still optimistic views in the market suggesting that the bull run may not be over.
Bitcoin Daily Chart
An analysis by TradingRage analyst emphasizes key price levels and offers insights into Bitcoin’s potential movements in the days ahead. For the latest financial and business news, visit COINTURK FINANCE.
On the daily chart, BTC struggled to maintain levels above $66,000. The analyst believes that Bitcoin is currently in a correction phase. Failing to break out of a descending channel formation recently is seen as a negative sign. This false breakout has raised concerns.
During this period, BTC’s RSI value dropped below 50, indicating an increasing dominance of sellers. This has created apprehension about a further downward trend in the market. Despite this, the price is holding steady around the $60,000 support level.
Bitcoin 4-Hour Chart
Looking at the 4-hour chart of BTC, there is a slightly more positive outlook. Although the price dipped below the support level of the horizontal channel briefly, it has shown signs of recovery.
If the price continues within this channel, it may test the resistance level of $72,000 once again. However, a sustained break below the channel could lead to a deeper decline in price.
At the time of writing, BTC is trading at $66,100, with buyers stepping in over the past 24 hours. The market cap remains above $1.3 trillion, maintaining its significance.
BTC’s 24-hour trading volume has dropped by 43% to $15 billion, indicating a decrease in investor interest.
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Disclaimer: This article does not constitute investment advice. Investors should be aware of the high volatility and risks associated with cryptocurrencies and conduct their own research.