After failing to break the $72,983 resistance level, Bitcoin price continued to decline. Although Bitcoin price is still trading above the one-day simple moving average (SMA), this rejection has seen the cryptocurrency asset fall from $71,942 to $66,785 and move below the simple moving average (SMA) on the chart. 1-hour chart and 4-hour chart. This drop below the simple moving average (SMA) may cause a change in nature and the price will head to the downside.
Until the time of writing the price Bitcoin It traded at around $67,635 and was up 0.14% with a market capitalization of over $1.3 trillion and a 24-hour trading volume of over $25 billion. The market capitalization and trading volume decreased by 1.14% and 6.07%, respectively, during the past 24 hours.
Bitcoin price conditions in 4-hour and 1-day chart
From the 4-hour time frame, Bitcoin price fell below the simple moving average. This indicates that the price of BTC may start moving downwards from this point.
The MACD indicator on the hourly frame also indicates that BTC may be heading towards a downtrend as the MACD histograms are heading below the zero line. Also, the MACD line and the signal have crossed each other below the MACD zero line.
From the one-day chart, this can be seen BitcoinThe price is moving towards the 100-day simple moving average. The MACD indicator throughout the day is also creating a formation that indicates that Bitcoin price may be heading lower, as the charts are already trending below the zero MACD line.
The MACD line and the MACD signal line have crossed each other and are heading towards the MACD zero line. By examining the price formations and MACD formations from both time frames, BTC could make a significant decline and possibly start a downtrend.
The path to a new all-time high on the horizon?
There is currently one major resistance level at $73,203, and two major support levels at $60,146 and $50,604. If the price of Bitcoin goes bearish As expected, it will start moving down towards the $60,146 support level.
If it falls below this level, it may move further to test the $50,604 support level. Also, there are other support levels below $67,635, which BTC could move to test if there is a breakout below the $60,146 and $50,604 support levels.
However, as the digital asset fails to break through any of the above-mentioned support levels, it will start moving upwards towards the previous resistance level of $73,203. Meanwhile, if it breaks above this level, it may start a new rally to possibly create a new high.
Featured image from iStock, chart from Tradingview.com