Following the failure to interrupt above the $72,983 resistance level, the worth of Bitcoin has continued to drop. Although Bitcoin’s price remains to be trading above the 1-day Easy Moving Average (SMA), this rejection has led to the crypto asset dropping from $71,942 to $66,785 and moving below the SMA each within the 1-hour and the 4-hour chart. This drop below the SMA could trigger a change of character and the worth will go bearish. 

As of the time of writing the worth of Bitcoin was trading at around $67,635 and was up by 0.14% with a market capitalization of over $1.3 trillion and a 24-hour trading volume of over $25 billion. Its market capitalization and trading volume are each down by 1.14% and 6.07% respectively within the last 24 hours.

Bitcoin Price Conditions In 4-Hour And 1-Day Chart 

From the 4-hour timeframe, BTC has dropped below the straightforward moving average. This means that the worth of BTC might begin to maneuver downward from this point. 

The 1-hour MACD also indicates that BTC could go bearish because the MACD histograms are trending below the zero line.  Also, the MACD line and the signal have crossed one another trending below the MACD zero line. 

From the 1-day chart, it could be observed that BTC‘s price is moving toward the 100-day easy moving average. The 1-day MACD also creates a formation suggesting that Bitcoin’s price might go bearish, because the histograms are already trending below the MACD zero line. 

The MACD line and the MACD signal line have crossed one another and are heading toward the MACD zero line. Examining the worth formations and that of MACD from each timeframes, BTC could make an enormous drop and possibly start a bearish trend.

A Path To Latest All-Time High On The Horizon?

Currently, there may be one major resistance level $73,203, and two major support levels $60,146 and $50,604. If the worth of Bitcoin goes bearish as predicted, it is going to start to maneuver downward toward the $60,146 support level. 

Should it break below this level, it could move further to check the $50,604 support level. Also, there are other support levels below $67,635, which BTC could move on to check if there may be a break below the $60,146 and $50,604 support levels.

Nevertheless, provided that the digital asset fails to interrupt below any of the support levels mentioned above, it is going to begin to maneuver upward toward its previous resistance level of $73,203. Meanwhile, if it breaks above this level, it’d start a recent rally possibly to create a recent high.

BTC is trading at $67,670 on the 1D chart | Source: BTCUSDT on Tradingview.com

Featured image from iStock, chart from Tradingview.com