Bitcoin Price Dips Below Key Support Levels, What’s Next?

The #Bitcoin price on the 4-hour chart is currently exhibiting a bearish trend. Recent closing prices indicate a consistent decline, with the latest closing price at $64,244. This downward trajectory aligns with the signals from key technical indicators.

Bitcoin is approaching critical support levels at $64,093.59, $63,732.02, and $63,538.12. A breach of these levels could trigger further downside movement. Conversely, the resistance levels to watch are $64,520.0, $65,701.66, and $66,169.85. A move above these resistances could indicate a reversal and potential upward momentum.

The 9 EMA and 20 EMA are currently positioned above the recent closing prices, suggesting a bearish short-term outlook. The 9 EMA's consistent decline below the 20 EMA confirms the selling pressure. Meanwhile, the MACD indicator further supports this bearish sentiment, with both the MACD line and the signal line showing negative values and the histogram indicating a widening gap. This divergence suggests that the bearish momentum is strengthening.

RSI values, hovering around 31.56, indicate that the Bitcoin price is in the oversold territory. This could imply a potential rebound in the near term, but the overall sentiment remains bearish until there is a clear indication of a trend reversal. $BTC #BTC☀️ The full analysis and trade strategy were posted on www.ecoinimist.com.