Generic selectors
Exact matches only
Search in title
Search in content
Post Type Selectors

Popular stocks

Crypto

CFD

Currencies

Support

Gold

Home » Crypto Technical Analysis » Bitcoin Struggles Below ,500: Bearish Sentiment Grows

Bitcoin Struggles Below $69,500: Bearish Sentiment Grows

  • November 5, 2024
  • 2

Bitcoin ’s price struggles to maintain momentum, hovering below the critical $69,500 level and demonstrating signs of weakness in its current trading pattern. The cryptocurrency has seen a notable decline from the $70,000 region, trading below both that threshold and the 100-hourly Simple Moving Average, indicating bearish sentiment among traders.

Recent price movements reveal that Bitcoin experienced losses as it dropped below key support levels, including $70,500 and $69,200. The digital asset even dipped to $66,800 before attempting a recovery, establishing a low near $66,836. Following that, Bitcoin managed to push past the $67,500 resistance, testing the 23.6% Fibonacci retracement level stemming from its peak at $71,576 down to the low established.

Currently, Bitcoin is positioned below the $70,000 and its 100-hourly SMA. Significant resistance levels are identified at approximately $68,200 and $68,400, with a newly forming bearish trend line. The pivotal resistance remains around $69,200, which aligns with the 50% Fibonacci retracement level from the previous swing high. Should Bitcoin surpass this resistance, it may pave the way for further upward movement, with the next targets being the notable $70,000 and potentially $71,200.

Conversely, if Bitcoin fails to breach the $69,200 resistance, it may launch another downward trend. Immediate support can be found around the $67,400 level, while significant support levels lie at $66,800 and $66,500. A continued decline could see Bitcoin testing the $65,500 support level.

Technical indicators, including the Hourly MACD and the Relative Strength Index (RSI), suggest a bearish trend, with the MACD losing momentum in the negative zone and the RSI falling below the neutral 50 level, indicating that market sentiment remains cautious.

This site is registered on wpml.org as a development site.