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- Price Analysis: Bitcoin Sellers Take Control:
Bitcoin is currently trading around $64,000, continuing a bearish phase as the price remains below the 50, 100, and 200-day exponential moving averages (EMA), which are approximately $75,216, $76,038, and $80,671 respectively. The loss of the previously support line, now acting as resistance at around $71,354, confirms an excess of supply in the market.
Meanwhile, the Relative Strength Index (RSI) remains stable above 18 points, indicating ongoing bearish pressure despite the market reaching oversold territory. The Moving Average Convergence Divergence (MACD) chart remains in the negative zone with a deep negative reading, reinforcing the prevailing downward momentum.
Daily chart of BTC/USDT pair
On the bullish side, initial resistance appears at the broken upward trend line near $71,354, with expectations of more supply at the 50-day exponential moving average around $75,216, and the 100-day EMA near $76,038, before testing the broader bearish structure at the 200-day EMA near $80,671. On the downside, the $60,000 level is the next prominent demand zone, which supported Bitcoin in early February.
$BTC