The price of Bitcoin has recently surged past $71,000 multiple times, but has struggled to reach $73,000 due to strong selling pressure. This selling pressure has led to a sharp decline, triggering a correction in the market. Despite this, there are still some who believe that the bull run may not be over.
Bitcoin Daily Chart
An analysis by TradingRage analyst has identified key price levels on the daily chart, giving insight into what may lie ahead for Bitcoin in the coming days. For the latest financial and business news, visit COINTURK FINANCE.
On the daily chart, BTC has been struggling to maintain levels above $66,000. The analyst suggests that Bitcoin is currently undergoing a correction phase, noting that it failed to break out of a descending channel formation, resulting in a false breakout. This has raised concerns about a possible downward trend, as indicated by BTC’s RSI value falling below 50. Despite this, the price is still hovering around the $60,000 support level.
Bitcoin 4-Hour Chart
On the 4-hour chart, there are more positive signs for BTC. Although the price briefly dipped below the support level of the horizontal channel, it has since recovered. If Bitcoin continues to trade within this channel, it could retest the $72,000 resistance area. However, a sustained break below the channel could lead to further price declines.
As of the time of writing, Bitcoin is priced 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 importance in the market. The 24-hour trading volume for Bitcoin has dropped by 43% to $15 billion, indicating a decrease in investor interest.
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Disclaimer: The information provided in this article should not be considered as investment advice. Investors should be aware of the high volatility and risks associated with cryptocurrencies, and should conduct their own research before making any investment decisions.
