Bitcoin Price Prediction: BTC on the Cusp of Losing $65K Support as Halving Correction Commences

In recent sessions, the #Bitcoin price has seen a noticeable fluctuation in its trading pattern on the 4-hour chart, prompting investors and traders to scrutinize its technical posture closely. The market leader’s journey, marked by a descending sequence of closing prices, has raised eyebrows and questions about its near-term trajectory.

The Exponential Moving Averages (EMAs) provide a mixed signal, with the 9 EMA trending below the closing prices, suggesting a potential bearish momentum. On the other hand, the 20 EMA adds weight to this bearish outlook, hinting at a growing separation from the market's current levels. The distance between the pair's closing prices and these EMAs could signal a need for a correction or consolidation phase in the near future.

A pivotal aspect of this analysis is the MACD indicator, which showcases a downward trend with the MACD line diverging significantly from the signal line, indicating strong bearish momentum. The histogram values, moving deeper into negative territory, reinforce this bearish sentiment, suggesting that the sellers are in control of the market.

The RSI (Relative Strength Index) further cements the bearish outlook, with recent readings plummeting below the 50 mark. This underlines a substantial bearish momentum and suggests that the market might be entering an oversold territory.

As #BTC navigates through this tumultuous phase, eyes are on crucial resistance and support levels. Resistance levels at $67,840.51 and $68,245.71 represent significant hurdles that bulls need to overcome to signal a potential reversal or consolidation. Conversely, support levels at $65,300.63 and $63,962.98 are critical for bears to break to continue their dominance and push for lower lows.
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The full analysis and trade strategy were originally posted on ecoinimist.com.