Price Action
Bitcoin (BTC) has fallen below its 1-day Simple Moving Average (SMA), a technical indicator that suggests a potential downtrend. This move signals increased bearish sentiment and volatility in the market.
Market Sentiment
On the 4-hour chart, BTC is trading below its 100-day SMA and attempting to test the $64,515 support level. The Composite Trend Oscillator also indicates a bearish trend, with both the signal line and SMA in the oversold zone.
On the 1-day chart, BTC has historically broken below the 100-day SMA. The Composite Trend Oscillator suggests a bearish fall, with both the signal line and SMA descending towards the zero line.
Key Support Levels
If BTC continues to fall, it will likely test the following support levels:
- $64,515
- $60,158
- $56,523
- $50,604
Potential Upside
If BTC reverses its downtrend, it could move towards the $71,909 resistance level. A break above this level could lead to a challenge of the $73,811 resistance level and potentially new highs.
