💥Analyst identifies crucial Bitcoin levels

Bitcoin price has recently surpassed the $71,000 mark several times but failed to reach $73,000 due to intense selling pressure. This pressure has caused a major correction, causing a sharp drop in price. Despite this crisis

🔸 What does the daily chart reveal?

TradingRage analyst insights emphasize critical price levels and predict possible future moves for Bitcoin. On the daily chart, Bitcoin has struggled to maintain its position above $66,000. The analyst interprets it as a correction phase, which is not a promising sign. Failure to break out of a descending channel formation is considered a false breakout, adding to the bearish sentiment.

During this period, the value of Bitcoin's Relative Strength Index (RSI) has fallen below 50, suggesting increasing dominance by sellers. This scenario has fueled fears of a new downward spiral in the market. Currently, Bitcoin remains at the $60,000 support level.

🔸How does the 4-hour chart compare?

In contrast, Bitcoin's 4-hour chart presents a slightly more optimistic view. Although the price fell just below the horizontal channel support level, it has shown signs of recovery. If Bitcoin continues to move within this channel, it could retest the $72,000 resistance area. However, a sustained break below this channel could lead to a deeper price decline.