The price of Bitcoin (BTC) has fallen below the 1-day Simple Moving Average (SMA), indicating a potential continuation of its downward trend. This breach signals increased bearish sentiment and heightened market volatility.
Bitcoin’s market capitalization exceeds $1.3 trillion with a trading volume surpassing $25 billion. Currently, BTC is trading around $66,133, down 1.49% in the last 24 hours. The market cap and trading volume are down by 1.52% and 4.84% respectively.
Bitcoin Facing Bearish Market Sentiment
On the 4-hour chart, BTC is trading below the 100-day SMA and aiming to test the $64,515 support level. The composite trend oscillator on this chart indicates bearish momentum as both the signal line and SMA are in the oversold zone.
Examining the 1-day chart reveals a possible short-term retracement before further downward movement past the 100-day SMA. The 1-Day Composite Trend Oscillator also suggests a bearish trend as both indicators head towards the zero line.
Noteworthy Support and Resistance Levels
Key support levels to monitor are $64,515, $60,158, $56,523, and $50,604. If Bitcoin continues its bearish trajectory, it could target the $64,515 support level and potentially breach it to test lower supports. Conversely, a reversal could lead to BTC challenging resistance levels at $71,909 and $73,811.
