Bitcoin price movement today has been bearish, currently trading at $65,165.36 USD with a 24-hour trading volume of $33,080,918,958 USD. Despite the broader market recovery, Bitcoin has remained in the red, down 0.03% over the last 24 hours. This lack of momentum comes amidst positive performance in altcoins like Ethereum, which surged around 4%, indicating divergent trends within the cryptocurrency market.
Today, Bitcoin’s price fluctuated between $64,149 and $65,633, showing significant intraday volatility. With a market capitalization of $1.28 trillion, Bitcoin’s oscillators reflect mixed sentiment. The relative strength index (RSI) at 39 suggests neutrality, while the Stochastic oscillator remains neutral at 17. The commodity channel index (CCI) indicates a bullish phase with a value of -124. However, the momentum indicator at -4397 and the MACD level at -454 suggest a prevailing bearish trend.
Technical Analysis: Persistent Bearish Pressure
Moving averages further emphasize the bearish outlook for Bitcoin. Short to mid-term moving averages, including the 10-period EMA and SMA at $66,614 and $66,743 respectively, point to continued bearish patterns. The 20-period and 30-period EMAs, along with their corresponding SMAs, range from $67,242 to $67,996, reinforcing negative sentiment.
The long-term moving averages present mixed signals. The 100-period EMA at $64,291 suggests bullishness, while the 200-period EMA and SMA at $57,680 and $57,043 respectively, indicate potential long-term support. This highlights a foundation for a future rally if Bitcoin holds above critical support levels and buying momentum increases.
Market Sentiment and Support Levels
The daily chart underscores a clear downward trend from a peak of $71,958. Bitcoin faces strong resistance around this level, with significant support near $64,032. Recent high-volume downturns suggest ongoing selling pressure. On the 4-hour chart, Bitcoin mirrors the daily trend with lower highs and lower lows, reflecting intermittent consolidation and selling pressure. Increased volume during downward moves supports a strong bearish sentiment.
The hourly chart offers a detailed view of Bitcoin’s decline. A double bottom around $64,032 indicates potential short-term support, while resistance near $65,937 reflects a mix of ups and downs. Volume spikes suggest significant trading activity and potential attempts at reversal or consolidation.
Despite prevailing bearish indicators, long-term moving averages around the $57,000 mark could imply a foundation for a future rally. Analysts like Julio Moreno from CryptoQuant suggest that Bitcoin could face further declines to $60,000 due to lacking momentum in key demand dynamics. Rekt Capital highlights clusters of price action near the Range High resistance around $71,600, leading to potential retracements to the Range Low support area around $60,600.
