Bitcoin (BTC) is confronted with increasing pressure as the most important support levels break, which expresses concern about the end of the recent upward trend. The leading cryptocurrency in the world is struggling to retain its profit, with technical indicators that indicate a shift to Bearish territory.
Most important support levels in danger
On the daily graph, Bitcoin fell around $ 83,000 under a critical Fibonacci support level, which had previously followed as a strong base. According to analyst Josh van Crypto World, this movement suggests a reversal in the short -term trend. If Bitcoin cannot reclaim this level, the next major support is around the high range of $ 70,000.
Resistance levels remain sturdy, with $ 85,000 and $ 88,000 as important obstacles. A daily closure of less than $ 83,000 would probably change this support, which adds more downward pressure to the price.
Bullish Momentum Filing
The bullish momentum that has caused optimism in recent weeks is now losing strength. The Daily Relative Strength Index (RSI) is approaching a critical threshold, in which a drop below this level confirms the end of the bullish trend. This marks a shift in sentiment, which shows that the recent recovery of Bitcoin may have reached its peak.
What is the next step for Bitcoin?
In the short term, traders focus at the level of $ 81,600. A drop below this level could cause a movement to $ 80,000 and possibly decrease to $ 78,500. Resistance levels to view are $ 83,500, $ 85,000 and $ 88,000.
Despite the current downward pressure, the long-term prospects for Bitcoin remain uncertain, influenced by macro-economic factors and the general market sentiment.
