On Friday, Bitcoin‘s price took a dip, causing it to drop from $71,310 to $65,370. Currently, the price is rebounding, but there’s a chance it may continue decreasing. It’s possible that Bitcoin’s price momentum is weakening and could be leading to a decline.
Currently, Bitcoin’s cost was 0.9% higher than when this text was penned, hovering near $67,734 beneath its 4-hour moving average of 100 days. Yet, in the broader perspective of daily trends, the price remains above that same 100-day moving average.
Bitcoin On The 4-hour Chart
On the 4-hour Bitcoin chart, the price has dropped below its 100-day moving average and is attempting to slip under the trendline. If successful, this could mark the beginning of a new downtrend for the cryptocurrency.
Using the MACD indicator as a guide, the MACD histogram is currently positioned beneath the MACD line. The MACD line and the signal line are also attempting to dip below the MACD zero line. In simpler terms, this configuration of the MACD indication implies that the price may potentially decrease.
In analyzing the price movement using the Relative Strength Index (RSI) over a 4-hour time frame, the RSI line currently lies beneath the 50% mark and is heading towards oversold territory. This could potentially indicate an approaching bearish trend.
BTC On The Daily Chart
Despite the fact that the price is currently higher than the 100-day moving average in the daily chart, the MACD histogram has started to decline below its zero line. Furthermore, both the MACD line and Signal are approaching the zero line, which might be a clear sign of an upcoming price decrease.
Based on the chart’s RSI indicator, the RSI line is currently hovering slightly below the 50% mark. This suggests that the price could be preparing to decrease and possibly initiate a bearish trend.
If Bitcoin’s price falls following this recent rise, there’s a chance it could initiate a decline towards its earlier low of $64,625.81. Should the price break below this point, a more prolonged bearish trend may ensue.
Instead, if Bitcoin’s price doesn’t dip below its old low, it may keep climbing back up to its former peak of $73,010. If the price surpasses that mark, it could potentially reach new heights and set a new record high.
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2024-04-13 22:11