As a researcher with extensive experience in the cryptocurrency market, I’ve closely monitored Bitcoin’s price action over the past few months. The recent downtrend since June has been a cause for concern, especially after BTC failed to hold above the $70K mark and broke below the critical support level of $65K.
As an analyst, I’ve noticed that Bitcoin‘s price has been on a downward trend since early June and hasn’t managed to regain its all-time highs yet. However, the bull market may not have run its course just yet.
Technical Analysis
By TradingRage
The Daily Chart
As an analyst, I’ve observed that Bitcoin’s price has been on a downward trend since it failed to maintain its position above the $70,000 level on the daily chart. The support at $65,000 has also succumbed to selling pressure, causing the cryptocurrency to plunge towards $60,000. Should this support fail as well, the 50-day moving average around $58,000 would be the next line of defense.
The RSI reading under 50% indicates bearish momentum regaining strength, increasing the likelihood of a price decline towards $60K.
The 4-Hour Chart
As an analyst examining the 4-hour chart, I’ve observed that the price has been shaping as a falling wedge formation over the past few days. Should the market manage to break above this pattern, it is reasonable to anticipate the initiation of a new bullish trend for the cryptocurrency.
With the previous support level of $65,000 breached and the price now hovering near the lower edge of the channel, there’s a strong possibility of a bearish breakout occurring. Consequently, a short-term decline toward the $60,000 region is likely to ensue.
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2024-06-21 14:32