Bitcoin (BTC), the world’s leading cryptocurrency, has recently experienced a pullback, with its price heading for the $66,736 level. This dip follows a period of significant bullish activity that had previously pushed BTC’s price above this mark. As the price of the crypto asset approaches this critical level, the key question is whether the bulls can regain strength and drive BTC back into an upward trajectory.
On the 4-hour chart, Bitcoin has formed two bearish momentum candlesticks moving toward the $66,736 level. Although BTC is still trading above the 100-day Simple Moving Average (SMA), the price may drop to the $66,736 mark before beginning to ascend again. The 4-hour Composite Trend Oscillator indicates that BTC’s price may maintain its bearish trajectory toward the $66,736 mark, as the signal line has crossed below the SMA of the indicator, and both lines are currently attempting to move out of the overbought zone.
After successfully breaking above the $66,736 resistance level on the 1-day chart, Bitcoin is attempting a retest with a bearish move back to this level. The crypto asset has maintained strong bullish momentum since rising above the 100-day SMA, suggesting that this current pullback may halt at the $66,736 mark. The 1-day composite trend oscillator also indicates that BTC’s price remains bullish, as both the signal line and SMA of the indicator are attempting to rise above the zero line.
Based on current price actions and technical indicators, the price of Bitcoin may drop to the $66,736 mark. If Bitcoin’s price drops to this level and then rebounds, it will begin to ascend toward the $71,909 resistance level. Should the price break above this resistance, it may continue to rise, testing the $73,811 level and potentially moving further to create a new all-time high. However, if BTC’s price drops to the $66,736 mark and closes below, it will continue to drop toward the $64,616 support level. When Bitcoin breaks below this level, it will decline further to test the $60,152 support range and possibly other lower levels.
The current state of Bitcoin is at a critical juncture, with the price approaching the $66,736 mark. Technical indicators suggest a potential pullback followed by a bullish recovery, but the exact outcome remains uncertain. Traders and investors should closely monitor the price movements and be prepared for various scenarios as Bitcoin continues to navigate its volatile price dynamics.