Bitcoin Price Lost Important Support

Bitcoin's price determines the direction of the market during the intraday trading hours and rightfully shows a downward trend. This is because the world's largest crypto asset lost the critical support level of $68,500.

The Moving Average Convergence Divergence (MACD) also changes its tone from bullish to bearish after about four weeks. MACD is a momentum indicator that shows the relationship between two moving averages of a security's price and generates buying or selling signals.