Bitcoin Price Retraces To $66,736: Can Bulls Stage A Recovery?

1 month ago

Bitcoin (BTC), the world’s starring cryptocurrency, has precocious experienced a pullback, with its terms heading for the $66,736 level. This dip follows a play of important bullish enactment that had antecedently pushed BTC’s terms supra this mark. As the terms of the crypto plus approaches this captious level, the cardinal question is whether the bulls can regain spot and thrust BTC backmost into an upward trajectory.

In this analysis, we volition analyse Bitcoin’s caller terms question with the assistance of method indicators and research the anticipation of a bullish betterment astatine the $66,736 mark.

With a marketplace capitalization of implicit $1.3 trillion and a trading measurement of implicit $29 billion, BTC’s terms was up 0.62% astatine astir $67,238 arsenic of the clip of writing. Within the erstwhile day, determination has been a emergence successful BTC’s marketplace worth of 0.68% and 64.24% successful its trading volume.

BTC’s Price Action And Technical Indicators: What Are They Signaling?

Currently, connected the 4-hour chart, Bitcoin has formed 2 bearish momentum candlesticks moving toward the $66,736 level. Although BTC is inactive trading supra the 100-day Simple Moving Average (SMA), the terms whitethorn driblet to the $66,736 people earlier opening to ascend again.

Also, the 4-hour Composite Trend Oscillator indicates that BTC’s terms whitethorn support its bearish trajectory toward the $66,736 mark, arsenic the awesome enactment has crossed beneath the SMA of the indicator, and some lines are presently attempting to determination retired of the overbought zone.

On the 1-day chart, aft successfully breaking supra the $66,736 absorption level, Bitcoin is attempting a retest with a bearish determination backmost to this level. It is besides notable that since rising supra the 100-day SMA, the crypto plus has maintained beardown bullish momentum, suggesting that this existent pullback whitethorn halt astatine the $66,736 mark.

Finally, the 1-day composite inclination oscillator indicates that BTC’s terms remains bullish, arsenic some the awesome enactment and SMA of the indicator are attempting to emergence supra the zero line. BTC is besides trading supra the 1-day SMA, and based connected these indicators, it tin beryllium suggested that the existent pullback whitethorn beryllium short-term.

Potential Scenarios: Bullish Rebound Or Further Decline For Bitcoin?

Based connected existent terms actions and method indicators, the terms of Bitcoin whitethorn driblet to the $66,736 mark. If Bitcoin’s price drops to this level and past rebounds, it volition statesman to ascend toward the $71,909 absorption level. Should the terms interruption supra this resistance, it whitethorn proceed to rise, investigating the $73,811 level and perchance moving further to make a caller all-time high.

However, if BTC’s terms drops to the $66,736 people and closes below, it volition proceed to driblet toward the $64,616 enactment level. When Bitcoin breaks beneath this level, it volition diminution further to trial the $60,152 enactment scope and perchance different little levels.