With Bitcoin recently failing to break through the $69,500 resistance level, you are probably wondering: Is $BTC still bearish, and how low could it go? Let’s break down the key indicators from the latest market data to give both spot and feature traders the insights they need to make informed decisions.
Key Bearish Indicators:
RSI (6) at 25.96: BTC is currently in oversold territory, reflecting strong selling pressure. Although this often indicates a potential bounce, it also shows that the market sentiment is leaning bearish at the moment.
Stochastic RSI at 2.68: This further confirms the oversold condition, reinforcing the idea that sellers are still in control. A potential reversal could be on the horizon, but BTC hasn’t yet reached a convincing bottom.
Price Rejection at $69,500: After failing to maintain momentum above $69,519, Bitcoin has retreated to the $67,000 range. This price rejection signals a possible short-term top, and with no significant buy volume kicking in, the bears are still holding power.
What’s Next for Bitcoin?
Support Levels: The next key support level to watch is around $64,145. If $BTC breaks below this level, we could see further declines towards $60,000, which is a significant psychological support level.
Resistance Levels: For BTC to turn bullish again, it needs to break through $69,500 with strong volume. Until then, rallies may be capped below that level.
Recommendations for Traders:
Spot Traders:
Wait for a Better Entry: BTC’s current downtrend suggests that it might not be the best time to enter. Waiting for a dip to the $64,000 - $62,000 range could offer a more favorable buying opportunity.
Feature Traders:
Short Positions Could Play Out: With a stop-loss around $69,000, there’s room to short BTC as it approaches its $64,000 support. Keep an eye on volume and momentum—if support breaks, the next leg down could follow swiftly.
$BTC remains in a bearish phase, with oversold indicators and price rejection around $69,500 signaling more potential downside. Traders should watch for a bounce around the $64,000 level, but caution is advised until we see a definitive reversal in sentiment.
(DYOR)
What’s your next move with BTC? Holding for the long term or preparing for the next dip? Share your thoughts below 👇
