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Bitcoin is currently trading around 70,600 USDT after experiencing a decline of more than 3% in the last 24 hours. From the chart, it appears that the price is still below several moving average lines, indicating that selling pressure remains quite dominant in the short term.
Additionally, the MACD indicator is still in the negative area, which suggests that the bearish momentum has not fully subsided. However, the 70k USDT level becomes an important level to watch for traders. If this support holds, the chances of a short-term rebound remain open. Conversely, if this level is broken, the price could seek the next lower support.
For now, I prefer to wait for confirmation of the trend before taking a large position. In volatile market conditions, risk management remains a top priority.
What do you think, will BTC bounce from the 70K area or continue to decline in the coming days? Share your analysis in the comments section.
#MarketAnalysis #CryptoTrading #BitcoinNews