Bitcoin Price Retraces To $66,736: Can Bulls Stage A Recovery?
July 22 2024 - 6:30AM
NEWSBTC
Bitcoin (BTC), the world’s leading cryptocurrency, has recently
experienced a pullback, with its price heading for the $66,736
level. This dip follows a period of significant bullish activity
that had previously pushed BTC’s price above this mark. As the
price of the crypto asset approaches this critical level, the key
question is whether the bulls can regain strength and drive BTC
back into an upward trajectory. In this analysis, we will examine
Bitcoin’s recent price movement with the help of technical
indicators and explore the possibility of a bullish recovery at the
$66,736 mark. With a market capitalization of over $1.3 trillion
and a trading volume of over $29 billion, BTC’s price was up 0.62%
at around $67,238 as of the time of writing. Within the previous
day, there has been a rise in BTC’s market value of 0.68% and
64.24% in its trading volume. BTC’s Price Action And Technical
Indicators: What Are They Signaling? Currently, on the 4-hour
chart, Bitcoin has formed two bearish momentum candlesticks moving
toward the $66,736 level. Although BTC is still trading above the
100-day Simple Moving Average (SMA), the price may drop to the
$66,736 mark before beginning to ascend again. Also, the 4-hour
Composite Trend Oscillator indicates that BTC’s price may maintain
its bearish trajectory toward the $66,736 mark, as the signal line
has crossed below the SMA of the indicator, and both lines are
currently attempting to move out of the overbought zone. On the
1-day chart, after successfully breaking above the $66,736
resistance level, Bitcoin is attempting a retest with a bearish
move back to this level. It is also notable that since rising above
the 100-day SMA, the crypto asset has maintained strong bullish
momentum, suggesting that this current pullback may halt at the
$66,736 mark. Finally, the 1-day composite trend oscillator
indicates that BTC’s price remains bullish, as both the signal line
and SMA of the indicator are attempting to rise above the zero
line. BTC is also trading above the 1-day SMA, and based on these
indicators, it can be suggested that the current pullback may be
short-term. Potential Scenarios: Bullish Rebound Or Further Decline
For Bitcoin? Based on current price actions and technical
indicators, the price of Bitcoin may drop to the $66,736 mark. If
Bitcoin’s price drops to this level and then rebounds, it will
begin to ascend toward the $71,909 resistance level. Should the
price break above this resistance, it may continue to rise, testing
the $73,811 level and potentially moving further to create a new
all-time high. However, if BTC’s price drops to the $66,736 mark
and closes below, it will continue to drop toward the $64,616
support level. When Bitcoin breaks below this level, it will
decline further to test the $60,152 support range and possibly
other lower levels. Featured image from iStock, chart from
Tradingview.com
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