BTC drops to $68,000, market cap hits $1.3 trillion amid downtrend; What is the next?

Bitcoin Price Prediction

Bitcoin (BTC/USD) is currently trading at $67,835, down 2.25% in the last 24 hours, signaling a bearish Bitcoin Price Prediction. The green line at $68,263 serves as the pivot point, which is crucial in determining the direction of the trend.

Immediate resistance levels are at $70,029, $71,458 and $73,299. These levels can act as significant barriers to upward movement. On the downside, support levels are identified at $66,357, $64,947, and $63,490, offering potential buying opportunities if the price continues to decline.

The Relative Strength Index (RSI) is at 42.35, indicating that Bitcoin is approaching oversold conditions, which could suggest a potential reversal or stabilization around this level. The 50-day exponential moving average (EMA) is at $68,615, acting as a resistance level near the pivot point.

Bitcoin Price Prediction

Technically, Bitcoin shows signs of potential bearish movement as it trades below the pivot point. An entry strategy would be to sell below $68,263, targeting a take-profit level of $66,357 and setting a stop loss at $70,029.

This approach harnesses the potential for further decline while managing risk.

Conclusion: Bitcoin’s current price action suggests a bearish outlook as it trades below the $68,263 pivot point. Immediate resistance levels are at $70,030, $71,450 and $73,300, while support levels are at $66,357, $64,947 and $63,490.

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