Bitcoin’s price is currently holding steady between $67,945 and $68,149, with sellers maintaining control and technical indicators sending mixed signals to traders.
On the daily chart, Bitcoin (BTC) has pulled back from its peak of $73,600 and is now hovering around $68,149. Recent daily candles show a reversal pattern with strong selling pressure, indicating a bearish outlook. Key support levels are at $67,500 to $68,000, while resistance remains at the recent high of $73,600. Elevated selling activity suggests that bearish sentiment may continue unless new buying momentum emerges. Traders may look for a rebound above $68,000 for a potential reversal, but a drop below this level could lead to further losses.
Looking at the 4-hour chart, Bitcoin’s downtrend is evident with lower highs and lows since the peak at $73,600. Support is currently at $67,823, with minor resistance at $69,500. Volume spiked near $67,823, indicating some buying interest to stabilize the price, although buying strength is limited. Potential entry points may arise if Bitcoin consolidates above $68,000 or breaks through $69,500, signaling a possible reversal. However, a failure to hold support at $67,823 could fuel more bearish movement.
On the 1-hour chart, Bitcoin is struggling just below the $69,000 resistance level. Immediate support is strong at $67,823, with recent dips confirming ongoing selling pressure and volume spikes. A break above $69,000 with increased volume could indicate a short-term bullish reversal, while a drop below $67,823 may push Bitcoin lower as traders react to the weakening trend.
Oscillators show a mix of neutral and sell signals, highlighting the uncertainty in Bitcoin’s current path. The RSI is neutral at 52, while the CCI and Stochastic oscillator are near neutral, indicating no strong buying or selling momentum. MOM and MACD lean bearish, showing negative signals. Moving averages support the bearish sentiment, with short- and medium-term averages signaling sell indicators. Despite this, long-term moving averages suggest a bullish sentiment, hinting at positive trends in the broader market.
In conclusion, Bitcoin’s price shows potential resilience despite recent bearish signals. If Bitcoin can maintain above $68,000 and break through short-term resistance at $69,500, it may regain momentum for a bullish push towards previous highs. However, failure to hold support levels could lead to further declines. Traders should watch for increased buying volume and changes in oscillator indicators to confirm a renewed uptrend or a deeper pullback.
