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Bitcoin (BTC) has recently retraced sharply and failed to hold above $70,000. The price has decreased by 1% in the last 24 hours, slightly below $67,000. However, there are still some challenges that affect BTC as it struggles to recover as shown below.

Bitcoin  BTC faced resistance at the $72K to $73K level, which it has failed to break in the last four months. This resistance has emerged as one of the most important levels of interest for traders. According to the 24-hour chart, the price is bearish and could not sustain the upward movement above $67K, indicating a bearish trend in the short term

 

The Exponential Moving Averages (EMA) are somewhat mixed. The 200-day EMA gives a long-term bullish outlook while the 20-day and 50-day EMAs indicate possible short-term selloffs. This formation suggests that there may be a convergence or downward reversal in the next few days unless certain resistance levels are breached.

BTC Key Levels and Indicators

Bitcoin’s first level of resistance is located at $72,000 and the second level of resistance is at $73,000. Supports to watch out for are the recent low at $66,999, other supports at $66,000 round figure. The Relative Strength Index (RSI) is at 45 on the daily chart, which means that the market may be near the oversold level and hence a bounce back could be expected if support levels are held.

BTC Potential Outlook

In the short term, the price of Bitcoin will remain under pressure by the existing resistance levels. If the price fails to move above these levels, it may retest lower supports in BTC. On the other hand, if buying interest increases and Bitcoin can hold above $67,000, there may be a chance to retest higher resistance levels.

For the investors and traders, the $66,000 to $67,000 range will be significant in the next few days as a breakdown of the range will signal a bearish trend while an upside breakout will set the stage for a bullish run.

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