Bitcoin (BTC), the world’s leading cryptocurrency, has recently experienced a pullback, with its price heading for the $66,736 level. This dip follows a period of significant bullish activity that had previously pushed BTC’s price above this mark. As the price of the crypto asset approaches this critical level, the key question is whether the bulls can regain strength and drive BTC back into an upward trajectory.
In this analysis, we will examine Bitcoin’s recent price movement with the help of technical indicators and explore the possibility of a bullish recovery at the $66,736 mark. BTC’s market capitalization currently stands at over $1.3 trillion with a trading volume of over $29 billion. The price of BTC was up 0.62% at around $67,238 as of the time of writing.
On the 4-hour chart, Bitcoin has formed two bearish momentum candlesticks moving toward the $66,736 level. Although BTC is still trading above the 100-day Simple Moving Average (SMA), the price may drop to the $66,736 mark before beginning to ascend again. The 4-hour Composite Trend Oscillator also indicates that BTC’s price may maintain its bearish trajectory toward the $66,736 mark.
On the 1-day chart, after successfully breaking above the $66,736 resistance level, Bitcoin is attempting a retest with a bearish move back to this level. It is also notable that since rising above the 100-day SMA, the crypto asset has maintained strong bullish momentum, suggesting that this current pullback may halt at the $66,736 mark. The 1-day composite trend oscillator indicates that BTC’s price remains bullish.
Based on current price actions and technical indicators, the price of Bitcoin may drop to the $66,736 mark in the short term. If Bitcoin’s price drops to this level and then rebounds, it will begin to ascend toward the $71,909 resistance level. However, if BTC’s price drops to the $66,736 mark and closes below, it will continue to drop toward the $64,616 support level, and potentially even lower levels.
The future of Bitcoin’s price remains uncertain as it hovers around the $66,736 mark. While technical indicators suggest a potential pullback, there is still a possibility of a bullish recovery and a move towards new all-time highs. Traders and analysts will need to closely monitor the price movements in the coming days to determine the direction in which Bitcoin is headed.