Bitcoin (BTC), the top cryptocurrency, is facing further declines as the market becomes increasingly pessimistic.
Key Support Levels Breaking
BTC is struggling to hold onto crucial support levels, signaling a potential for more losses.
Factors Contributing to Bearishness
- Economic pressures
- Regulatory concerns
- Technical indicators
Technical Analysis Indicates Further Decline
- 4-hour chart: BTC has fallen below the 100-day SMA, indicating a bearish trend.
- 1-day chart: BTC is heading towards the 100-day SMA with a large bearish candlestick.
- RSI indicator: BTC’s RSI is below 50%, suggesting a potential for further price drops.
Potential Losses
If BTC continues to decline, it could fall to the following support levels:
- $66,736
- $64,515
- $60,158
Potential Reversal
If BTC reverses at any of these support levels, it could rise towards the following resistance levels:
- $71,909
- $73,811
- New all-time high
Current Market Data
- BTC price: $67,796 (down 2.50%)
- Market cap: $1.3 trillion (down 2.44%)
- Trading volume: $29 billion (up 94.43%)
