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BTC drops to $68,000, market cap hits $1.3 trillion amid bearish trend; what's next?

Bitcoin price prediction


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

Immediate resistance levels are at $70,029, $71,458, and $73,299. These levels could act as significant obstacles to an upside move. On the downside, support levels are at $66,357, $64,947, and $63,490, which offer 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 indicate a possible 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 is showing signs of a possible bearish move as it is trading below the pivot point. An entry strategy would be to sell below $68,263, target a take profit level of $66,357 and place a stop loss at $70,029.

This approach allows you to take advantage of the potential for further decline while managing risk.

Diploma: Bitcoin’s current price action suggests a bearish outlook as the price trades below the pivot point of $68,263. 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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