Bitcoin Eyes $63,000: Key Indicators Signal Further Decline – Time To Sell?
July 30 2024 - 8:30AM
NEWSBTC
Bitcoin (BTC) is currently experiencing increasing bearish
pressure, with technical indicators suggesting a potential decline
toward the $63,316 mark. This price drop is driven by factors such
as weakening momentum and decreasing trading volume. As Bitcoin
targets the $63,316 mark, Investors and analysts are closely
monitoring this development, as it may indicate further declines
and set the stage for BTC to test lower support levels. This
article analyzes Bitcoin’s current price movements and technical
indicators signaling a potential further decline for the
cryptocurrency focusing on the 4-hour and the 1-day chart. Bitcoin
currently has a market capitalization exceeding $1.3 trillion and a
trading volume surpassing $39 billion. As of the time of writing,
its price was down by 3.81%, trading around $66,814 over the last
24 hours. During this period, the asset’s market cap has decreased
by 3.84%, while its trading volume has surged by 70.25%. Technical
Analysis: Key Bearish Indicators On the 4-hour chart, the price of
BTC looks bearish as it is currently dropping towards the 100-day
Simple Moving Average (SMA). It can also be observed here that
Bitcoin’s price has printed multiple bearish candlesticks as it
approaches the $63,316 support level. The Composite Trend
Oscillator on the 4-hour chart further indicates a bearish trend,
as both signal lines have fallen below the indicator’s SMA and are
heading toward the zero level. If the price continues to decline as
the indicator suggests, it could drop below the 100-day SMA,
potentially reaching the $63,316 mark. A closer examination of
BTC’s movement on the 1-day chart shows that the failure to break
above the 1-day trendline has led to a significant price drop
toward the 100-day SMA and the $63,316 support level. This has
resulted in Bitcoin successfully printing a bearish candlestick in
the previous day’s trading. Additionally, the 1-Day composite trend
oscillator indicates a potential bearish decline, as the signal
line is currently attempting to cross below the indicator’s SMA. If
this crossover is successful, it could lead to further losses for
the crypto asset. Recovery Or Further Decline For Bitcoin? Should
the digital asset’s price fall below the 100-day SMA and the
$63,316 mark, it may continue to drop to test the $60,152 support
level. When this level is breached, BTC may experience more price
drops toward the $53,541 support range and possibly other levels
below. However, given that Bitcoin fails to decline further as
predicted and turns to move upward, it will begin to move toward
the $71,909 resistance level. It could move even higher to
challenge the $73,811 resistance point if it breaks above $71,909
and possibly moves on to create a new all-high. Featured image from
iStock, chart from Tradingview.com
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