Bitcoin Price Prediction: BTC Plunges Below $70K, Will It Keep Dropping?

In the recent trading sessions, #Bitcoin has exhibited a mixed pattern, with fluctuations between bullish and bearish sentiments. Analyzing the closing prices, the cryptocurrency commenced the period at $70,006.23, eventually climbing to $70,977.27. However, it faced resistance, leading to a slight decline to $69,481.28 before stabilizing at $70,904.01. The 9 EMA (Exponential Moving Average) tracked the short-term trend, ranging between $70,125.62 and $70,290.22, while the 20 EMA hovered within $69,969.25 and $70,136.38.

The Moving Average Convergence Divergence (MACD) indicator reflects oscillating momentum. MACD values varied throughout the period, indicating market indecision. At the beginning, the MACD was 241.08, climbing to 339.23, but with fluctuating histograms, showcasing uncertainty in market direction.

Relative Strength Index (RSI) values have been moderate, starting at 51.50 and peaking at 58.31. Despite minor fluctuations, the RSI has remained within a neutral range, suggesting a balanced market sentiment.

Considering the support and resistance levels, BTC faces crucial thresholds. Resistance levels at $69,499.85 and $69,568.46 present challenges for upward movements, while $70,183.55 serves as a pivotal point for bullish momentum. Conversely, support levels at $69,477.67, $69,180.0, and $69,000.77 offer potential buffers against downward pressure. $BTC #BTC #Halving #BullorBear
The full analysis and trade strategy were originally posted on ecoinimist.com.