Bitcoin’s price has been falling after it couldn’t break through the $72,983 resistance level. It’s now trading below its 1-hour and 4-hour moving averages, which could mean a change in trend.
Technical Analysis
4-Hour Chart:
- Bitcoin has fallen below its moving average, indicating a potential downward trend.
- The MACD histogram is below zero, suggesting a bearish sentiment.
1-Day Chart:
- Bitcoin’s price is approaching its 100-day moving average.
- The MACD histogram is also below zero, pointing to a potential bearish trend.
Support and Resistance Levels
- Resistance: $73,203
- Support: $60,146, $50,604
Potential Outcomes
If Bitcoin continues to fall, it could test the $60,146 and $50,604 support levels. However, if it manages to break above $73,203, it could rally to new highs.
