Bitcoin (BTC/USD) Technical Analysis

Bitcoin (BTC/USD) Technical Analysis: Bearish Momentum Persists

Bitcoin (BTC/USD) experienced bearish momentum early in the Asian session as it tested the 38.2% retracement level of the recent appreciating range. However, buying pressure emerged around the 61.8% retracement level, providing some support. BTC/USD has reached its lowest point since mid-June, testing a major downside price objective associated with previous selling pressure.

Key Points:

Bitcoin softened multiple times when testing the 26330 area
Buying pressure emerged around the 25874 area
Bitcoin depreciated to the 25234.76 area, its weakest print since mid-June
Major Stops were elected below the 27620.46 area
Technical support and potential buying pressure levels include 23661, 22793, and 21725
Technical resistance and potential selling pressure levels include 26798, 27139, 27728, 27766, 28316, 28548, 29154, 29330, and 30443

Traders are observing that the 50-bar MA (4-hourly) is bearishly indicating below the 100-bar MA (4-hourly) and the 200-bar MA (4-hourly). The 50-bar MA (hourly) is also bearishly indicating below the 100-bar MA (hourly) and the 200-bar MA (hourly). Price activity is closest to the 50-bar MA (4-hourly) at 27926.01 and the 50-bar MA (hourly) at 26054.81. Technical support is expected around 24440.41, 23270.10, and 22769.39, with stops expected below. Technical resistance is expected around 31986.16, 32989.19, and 34658.69, with stops expected above. On the 4-hourly chart, SlowK is bullishly above SlowD, while MACD is bullishly above MACDAverage. On the 60-minute chart, SlowK is bullishly above SlowD, while MACD is bearishly below MACDAverage.

Hot Take:

The bearish momentum in Bitcoin continues, with the cryptocurrency facing resistance at several key levels. Traders are closely monitoring the moving averages and technical support levels for any potential shifts in the market. The recent decline has tested major downside price objectives, indicating significant selling pressure. It remains to be seen whether Bitcoin will be able to break through the resistance levels and regain its upward momentum.