Bitcoin was recently rejected at a price of $62,498. resistance levelThis failure to break through a critical threshold highlights the strength of the selling pressure and raises concerns about potential downward trends. This failure of breaking through a key threshold highlights the strong selling pressure. It also raises concern over potential downward trends.
Investors and traders are cautioned by the rejection of this level, which prompts them to reassess their market strategies. This analysis examines possible outcomes of Bitcoin’s movement in price and its broader implications on the cryptocurrency market.
Bitcoin’s market cap is currently over $1.2 billion, and its trading volume exceeds $27 Billion. As of the time this article was written, Bitcoin’s price has risen by approximately 1.2% and is trading around $61,582. Trading volume decreased 35.43% over the past day despite an increase of 31.26 percent in market capitalization.
Technical Indicators – Signs of Continued Bearish Force
BTC price The 4-hour chart remains actively bearish, trading under the Simple Moving Average (SMA) of 100 days. Bitcoin currently is trying to make a move down after it was rejected at the $62,498, as shown by a line in blue on the graph.
This formation indicates that BTC’s price may continue to trend downwards as the cross between the tooth and the lip of the alligator is not successful.
Bitcoin price has dropped dramatically on the 1 day chart after the rejection of the level $62,498 for the second consecutive time. It is indicating more bearishness, even though the SMA 100 continues to be below.
The 1-day William also shows more bearishness in BTC. The spread between the two has been good since the successful cross of alligator teeth and lips below the alligator’s jaw.
The overall price of the crypto-asset is bearish. It is clear that the indicators and price movement on the chart of both the 4 hour and 1 day are bearish. the bears The market is currently dominated by two companies.
Future Bitcoin Scenarios
Analysis of possible future scenarios for BTC’s price after the rejection shows that, if Bitcoin moves downwards and breaks below the $60.152 support level it could move even lower and test the $58,523. It may also move to other levels lower if price breaches the level.
If there is rejection at the support level of $60,152, Bitcoin could start to move upwards towards the resistance level of $64,515. This level may be breached and the price of the cryptocurrency asset could increase to the resistance level $71,909 or even higher.
Image from iStock and chart from Tradingview.com
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Source: www.newsbtc.com