Bitcoin is currently trading between $67,945 and $68,149 as sellers maintain a strong hold. Mixed signals from technical indicators and moving averages indicate an uncertain outlook, leaving traders cautious.
On the daily chart, Bitcoin (BTC) has dropped from a recent high of around $73,600, with strong selling pressure evident. The price now hovers near $68,149, forming a bearish reversal pattern. Key support levels sit between $67,500 and $68,000, with resistance remaining around the previous peak at $73,600.
Volume analysis indicates heightened selling activity, suggesting that bearish sentiment could dominate unless buying interest resurfaces around these levels.
Examining the 4-hour chart reveals a clear downtrend for BTC, marked by lower highs and lows since the $73,600 peak. Support appears at $67,823, with minor resistance near $69,500. Although volume spiked around $67,823, indicating potential stabilization efforts, buying interest has not shown significant strength.
If BTC consolidates above $68,000 or manages to break $69,500, it may indicate a reversal. However, a dip below the $67,823 support could push BTC lower.
On the 1-hour chart, Bitcoin faces resistance just below $69,000, with support holding at $67,823. Volume spikes on dips suggest continued selling pressure. A sustained rise above $69,000 could signal a short-term bullish reversal, while a drop below $67,823 may confirm further downside as traders respond to weak short-term momentum.
Oscillators present a mixed outlook, underscoring market uncertainty. The Relative Strength Index (RSI) sits neutrally at 52, and both the Commodity Channel Index (CCI) and Stochastic oscillator hover near neutral, signaling little strong buying or selling momentum.
However, the Momentum (MOM) and Moving Average Convergence Divergence (MACD) indicators lean bearish, reflecting slight selling pressure. This blend of neutral oscillators and bearish momentum portrays a low-conviction market with a slight tilt towards sellers.
Short- and medium-term moving averages reinforce a bearish outlook, with the 10- and 20-period EMAs and SMAs pointing to sell signals. BTC remains below these averages, struggling to regain higher levels. Despite this, long-term moving averages, including the 30-, 50-, 100-, and 200-period EMAs and SMAs, still suggest an optimistic longer-term trend, indicating underlying bullish sentiment for Bitcoin’s broader trajectory.
Bitcoin may still show resilience, as long-term moving averages hint at potential for buying strength. Should BTC hold above $68,000 and break short-term resistance at $69,500, it could reclaim momentum, potentially advancing toward previous highs. Traders will look for signs of increased buying volume and positive oscillator shifts as indications of an upward trend.
In the immediate term, BTC’s path appears challenging. With key oscillators showing sell signals and short-term moving averages acting as resistance, losing the $68,000 support level could prompt further declines. Should BTC break below $67,823, sellers could gain an edge, likely triggering a deeper pullback in upcoming trading sessions.
