After failing to overcome the resistance level of $72,983, the price of bitcoin has continued to decline. Although bitcoin price is still trading above the 1-day simple moving average (SMA), this rejection has led to the crypto asset falling from $71,942 to $66,785 and moving below the SMA on both the 1-day chart. hour as in 4 hours. This drop below the SMA could cause a change in character and the price will turn bearish.
At the time of writing this article, the price of bitcoin It was trading at around $67,635 and rose 0.14% with a market capitalization of over $1.3 trillion and a 24-hour trading volume of over $25 billion. Its market capitalization and trading volume fell by 1.14% and 6.07% respectively in the last 24 hours.
bitcoin price conditions on 4-hour and 1-day charts
Since the 4-hour period, btc has fallen below the simple moving average. This indicates that the btc price could start to decline from this point.
<img decoding="async" class="size-medium wp-image-611019 aligncenter" src="https://technicalterrence.com/wp-content/uploads/2024/06/Bitcoin-pulls-back-after-failing-to-break-crucial-72983-resistance.jpeg" alt="bitcoin” width=”460″ height=”267″ srcset=”https://www.newsbtc.com/wp-content/uploads/2024/06/WhatsApp-Image-2024-06-01-at-10.42.50-AM.jpeg?w=1438 1438w, https://technicalterrence.com/wp-content/uploads/2024/06/Bitcoin-pulls-back-after-failing-to-break-crucial-72983-resistance.jpeg 460w, https://www.newsbtc.com/wp-content/uploads/2024/06/WhatsApp-Image-2024-06-01-at-10.42.50-AM.jpeg?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/06/WhatsApp-Image-2024-06-01-at-10.42.50-AM.jpeg?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/06/WhatsApp-Image-2024-06-01-at-10.42.50-AM.jpeg?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/06/WhatsApp-Image-2024-06-01-at-10.42.50-AM.jpeg?w=1140 1140w” sizes=”(max-width: 460px) 100vw, 460px” loading=”lazy” data-recalc-dims=”1″/>
The 1-hour MACD also indicates that btc could turn bearish as the MACD histograms are trending below the zero line. Furthermore, the MACD line and the signal have intersected with a trend below the MACD zero line.
On the 1 day chart you can see that btcThe price is moving towards the 100-day simple moving average. The 1-day MACD also creates a formation that suggests bitcoin price could turn bearish as the histograms are already trending below the MACD zero line.
<img decoding="async" class="size-medium wp-image-611021 aligncenter" src="https://technicalterrence.com/wp-content/uploads/2024/06/1717273041_782_Bitcoin-pulls-back-after-failing-to-break-crucial-72983-resistance.jpeg" alt="bitcoin” width=”460″ height=”267″ srcset=”https://www.newsbtc.com/wp-content/uploads/2024/06/WhatsApp-Image-2024-06-01-at-10.42.50-AM-1.jpeg?w=1438 1438w, https://technicalterrence.com/wp-content/uploads/2024/06/1717273041_782_Bitcoin-pulls-back-after-failing-to-break-crucial-72983-resistance.jpeg 460w, https://www.newsbtc.com/wp-content/uploads/2024/06/WhatsApp-Image-2024-06-01-at-10.42.50-AM-1.jpeg?w=768 768w, https://www.newsbtc.com/wp-content/uploads/2024/06/WhatsApp-Image-2024-06-01-at-10.42.50-AM-1.jpeg?w=860 860w, https://www.newsbtc.com/wp-content/uploads/2024/06/WhatsApp-Image-2024-06-01-at-10.42.50-AM-1.jpeg?w=750 750w, https://www.newsbtc.com/wp-content/uploads/2024/06/WhatsApp-Image-2024-06-01-at-10.42.50-AM-1.jpeg?w=1140 1140w” sizes=”(max-width: 460px) 100vw, 460px” loading=”lazy” data-recalc-dims=”1″/>
The MACD line and the MACD signal line have crossed and are heading towards the MACD zero line. By examining the price formations and that of the MACD in both time frames, btc could take a big drop and probably start a downtrend.
A path to a new all-time high on the horizon?
Currently, there is a major resistance level at $73,203 and two major support levels at $60,146 and $50,604. If the price of bitcoin goes down bearish As predicted, it will start moving down towards the $60,146 support level.
If it falls below this level, it could advance further to test the $50,604 support level. Additionally, there are other support levels below $67,635, which btc could move on to test if there is a break below the $60,146 and $50,604 support levels.
However, since the digital asset fails to break through any of the support levels mentioned above, it will begin to rise towards its previous resistance level of $73,203. Meanwhile, if it breaks above this level, it could start a new rally possibly to create a new high.
Featured image from iStock, chart from Tradingview.com
