Bitcoin has been trying to turn things around after a recent dip. Despite failing to break its previous record of $73,833, it’s been trending down for a while.
Current Situation
As of now, Bitcoin is trading around $63,846, down 27% from its peak but up 0.06% in the last 24 hours. It’s currently below the 100-day moving average on the 4-hour chart but still above it on the daily chart.
Support and Resistance
Bitcoin has twice tried and failed to break below the support level of $59,579. The first time it hit this level, it bounced back and set a new record. This suggests that it could do the same again.
Technical Indicators
- Relative Strength Index (RSI): The RSI suggests an upward trend, with the signal line above 50%. This indicates that buyers are still active.
- Moving Average Convergence Divergence (MACD):
The MACD histograms are trending above zero, suggesting a bullish trend. The MACD and Signal lines are about to cross above zero, further indicating a potential upswing.
Possible Scenarios
If Bitcoin breaks above the resistance level of $67,895.24, it could move towards its previous record of $73,833.34 and potentially set a new one.
However, if it fails to break above this level, it could drop back to its previous support level of $59,579.72. If it breaks below this zone, it could face a deeper correction.
