Markets
BTC drops to $68,000, market cap hits $1.3 trillion amid bearish backdrop; And after?
Bitcoin Price Prediction
Bitcoin (BTC/USD) is currently trading at $67,835, down 2.25% over the past 24 hours, signaling a downtrend. Bitcoin Price Prediction. The green line at $68,263 serves as the pivot point, which is crucial in determining the direction of the trend.
Immediate resistance levels are $70,029, $71,458, and $73,299. These levels could pose significant obstacles to upward movement. On the downside, support levels are identified at $66,357, $64,947, and $63,490, providing potential buying opportunities if the price continues to decline.
The relative strength index (RSI) is at 42.35, indicating that Bitcoin is approaching oversold conditions, which could suggest a potential reversal or stabilization around this level. The 50-day exponential moving average (EMA) sits at $68,615, acting as a resistance level near the pivot point.
Bitcoin Price Prediction
Technically, Bitcoin is showing signs of a potential bearish move as it is trading below the pivot point. An entry strategy would be to sell below $68,263, targeting a profit level of $66,357 and setting a stop loss at $70,029.
This approach exploits additional downside potential while managing risk.
Conclusion: Bitcoin’s current price action suggests a bearish outlook as it trades below the pivot point of $68,263. Immediate resistance levels are at $70,030, $71,450 and $73,300, while support levels are at $66,357, $64,947 and $63,490.
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