Bitcoin Bitcoin (BTC) is currently facing increasing bearish pressure, with technical indicators suggesting a potential decline towards the $63,316 mark. This price decline is driven by factors such as weakening momentum and decreasing trading volume.
Like Bitcoin targets the $63,316 mark, investors and analysts are closely monitoring this development as it could indicate further declines and set the stage for BTC to test lower support levels. This article analyzes the current price movements of Bitcoin and technical indicators signaling a potential further decline for the cryptocurrency with a focus on the 4-hour and 1-day chart.
Bitcoin currently has a market cap of over $1.3 trillion and a trading volume of over $39 billion. At the time of writing, its price has fallen by 3.81%, trading at around $66,814 in the last 24 hours. During this period, the asset’s market cap has decreased by 3.84%, while its trading volume has increased by 70.25%.
Technical Analysis: Key Bearish Indicators
On the 4-hour chart, BTC price looks bearish as it is currently falling towards the 100-day simple moving average (SMA). It can also be observed here that Bitcoin price has printed multiple bearish candlesticks as it approaches $63,316. support level.
The composite trend oscillator on the 4-hour chart further indicates a bearish trend as both signal lines have fallen below the indicator’s SMA and are heading towards the zero level. If the price continues to decline as the indicator suggests, it could drop below the 100-day SMA, potentially reaching the $63,316 mark.
A closer look at BTC’s movement on the 1-day chart shows that the failure to break above the 1-day trend line led to a significant price drop to tear down towards the 100-day SMA and the $63,316 support level. This resulted in Bitcoin successfully printing a bearish candle in the previous day’s trading.
![Bitcoin Targets $63,000: Key Indicators Signal Further Decline 1 Bitcoin](https://thegurumedia.com/wp-content/uploads/2024/07/WhatsApp-Image-2024-07-30-at-11.11.08-AM.jpeg)
Furthermore, the 1-day Composite Trend Oscillator indicates a potential bearish decline as the signal line is currently attempting to cross below the indicator’s SMA. If this crossover is successful, it could lead to further losses for the crypto asset.
Bitcoin Recovery or Further Decline?
The digital asset must price drop Below the 100-day SMA and the $63,316 mark, it could continue falling to test the $60,152 support level. Once this level is breached, BTC could see further price declines towards the $53,541 support range and possibly other levels below.
However, given that Bitcoin does not decline further as predicted and starts to rise, it will start moving towards the $71,909 resistance level. It could rise further to challenge the $73,811 resistance point if it breaks above $71,909 and possibly go on to create a new hot.
Featured image from iStock, chart from Tradingview.com