BITCOIN TECHNICAL OUTLOOK ... Will Bitcoin retest $74,864 support?
The BTC/USD 4-hour chart is bearish and efficient as Bitcoin lost over 5% of its value last week.
The leading cryptocurrency is holding above the $75,377 support level but could record further losses in the near term.
The momentum indicators suggest that buyers are limiting their exposure to the market.
The RSI of 37 means that Bitcoin is still within the oversold region but could bounce back in the near term.
The MACD lines also remain within the negative territory, adding further confluence to the current bearish outlook.
If the selloff continues, Bitcoin could drop to the $75,377 support level in the near term.
A break below this level could see Bitcoin sweep the 4-hour swing low of $74,864, where buyers would likely step in.
However, if the bulls regain control, initial resistance would be met at the Inducement Liquidity at $77,874, before the next hurdle at $78,560.
A daily candle close above these levels could pave the way for Bitcoin to extend its rally towards the recent swing high of $82,111.
The BTC/USD 4-hour chart is bearish and efficient as Bitcoin lost over 5% of its value last week.
The leading cryptocurrency is holding above the $75,377 support level but could record further losses in the near term.
The momentum indicators suggest that buyers are limiting their exposure to the market.
The RSI of 37 means that Bitcoin is still within the oversold region but could bounce back in the near term.
The MACD lines also remain within the negative territory, adding further confluence to the current bearish outlook.
If the selloff continues, Bitcoin could drop to the $75,377 support level in the near term.
A break below this level could see Bitcoin sweep the 4-hour swing low of $74,864, where buyers would likely step in.
However, if the bulls regain control, initial resistance would be met at the Inducement Liquidity at $77,874, before the next hurdle at $78,560.
A daily candle close above these levels could pave the way for Bitcoin to extend its rally towards the recent swing high of $82,111.