Bitcoin Price Prediction: BTC Faces Downward Pressure as Technical Indicators Signal Bearish Sentiment

In the past few trading sessions, the #Bitcoin price has exhibited a mixed performance, grappling with volatility within a defined range.

The closing prices over the last six periods fluctuated between $62,956.0 and $63,516.19. The 9 Exponential Moving Average (EMA) stood at $63,936.61, while the 20 EMA averaged at $64,982.15. These figures indicate a downward trajectory for Bitcoin's price, as both EMAs are below the observed closing prices.

The Moving Average Convergence Divergence (MACD) histogram portrayed a bearish sentiment, with negative values consistently observed over the analyzed periods. The histogram dipped further into the negative territory, suggesting a strengthening of bearish momentum in the short term.

The RSI oscillated around the oversold region, ranging between 33.48 and 37.42. Although it showed slight fluctuations, the RSI remained below the 50 mark, indicating prevailing bearish sentiment among traders.

Considering the current technical indicators and price action, Bitcoin faces immediate resistance at $65,104.05, followed by stronger resistance at $66,263.84. Conversely, support levels are identified at $63,301.31 and $61,860.81. $BTC #BullorBear #TrendingPredictions
The full analysis and trade strategy was originally posted on ecoinimist.com.