👉Bitcoin was rejected at the all-time high earlier this week, which may have prompted short-term traders to take profits. Although the price has dropped to near $68,000, analysts remain optimistic about the market. They predict that Bitcoin will find support in the range of $65,000 to $68,000.
💥BTC Technical Analysis
👉Bitcoin has adjusted to the 20-day exponential moving average ($68,194), which is an important support level to watch in the short term.
👉If the price recovers from the 20-day EMA and rises above $70,000, this will indicate that buyers are trying to make a comeback. The BTC/USDT pair could rise to $72,000 and then $73,777. Sellers are expected to defend strongly in the range of $72,000 to $73,777, but if the bulls prevail, this pair could begin a new uptrend with a target of $93,554.
👉Bears will need to pull and maintain the price below the 20-day EMA to invalidate the bullish outlook. After that, this pair could drop to the 50-day simple moving average ($65,002).
👉The BTC/USDT pair has broken below the rising trendline, indicating that bears are in control. Buyers will attempt to push the price back above the rising trendline, but they may face strong resistance from sellers.
👉If the price reverses down from the rising trendline, this indicates that bears have turned this level into resistance. The risk of a drop to $65,000 will increase.
This negative outlook will be invalidated in the short term if the price surpasses $70,000. The pair could rise to $72,000.
Wishing everyone successful trading🤝
