Bitcoin (BTC), the leading cryptocurrency, has recently faced a pullback in its price, approaching the $66,736 level. This decline comes after a period of bullish activity that pushed the price above this mark. The key question now is whether the bulls can regain strength to drive BTC back upwards.
Analyzing Bitcoin’s recent price movement, we see that on the 4-hour chart, two bearish momentum candlesticks have formed, indicating a potential drop towards the $66,736 level. Despite trading above the 100-day Simple Moving Average (SMA), the price might dip before resuming its upward trajectory.
The 4-hour Composite Trend Oscillator suggests that Bitcoin’s price could maintain a bearish path towards $66,736. With the signal line crossing below the SMA and both lines moving out of the overbought zone, further downside potential is indicated.
On the 1-day chart, Bitcoin is attempting a retest of the $66,736 resistance level after a successful break above it. The cryptocurrency has maintained strong bullish momentum since surpassing the 100-day SMA, hinting that the current pullback might find support at this critical level.
The 1-day composite trend oscillator signals bullish sentiment, as both the signal line and SMA are striving to rise above the zero line. Trading above the 1-day SMA further supports the notion of a short-term pullback.
Based on current price actions and technical indicators, Bitcoin’s price may dip to $66,736 before bouncing back. A successful rebound from this level could lead to an upward move towards the $71,909 resistance. Breaking above this hurdle may pave the way for further gains, potentially reaching the $73,811 level and even setting a new all-time high.
Should Bitcoin’s price fail to hold above $66,736 and close below it, a continued decline towards the $64,616 support level is likely. Breaking below this support could trigger further downside towards the $60,152 range and potentially even lower levels.
The current state of Bitcoin’s price suggests a short-term pullback towards the $66,736 level, with potential for both bullish and bearish outcomes depending on how the cryptocurrency reacts at this critical juncture.
