Bitcoin (BTC) faces an increase in pressure as the main support levels collapse, raising concerns about the end of its last upward direction. The world’s leading cryptocurrency is struggling to achieve its gains, as technical indicators indicate a shift towards descending lands.
The main support levels at risk
On the daily chart, Bitcoin fell below the level of fibonacci support for about $ 83,000, which was previously working as a strong basis. According to analyst Josh from the encryption world, this step indicates a reflection in the short -term direction. If Bitcoin is not able to restore this level, the next main support is about $ 70,000.
Resistance levels remain fixed, with $ 85,000 and $ 88,000 operating as major obstacles. The daily closure is likely to turn less than $ 83,000 this support into resistance, adding more downward pressure to the price.
The clouds of momentum fade
Distinguished momentum that has pushed optimism in recent weeks now loses strength. The RSI is close to the critical threshold, as it confirms a lower decrease than this level at the end of the upper direction. This is a shift in the feeling, which indicates that the last Bitcoin recovery has reached its climax.
What is the following for Bitcoin?
In the short term, merchants focus at $ 81,600. The decline without this level can lead to a move of about $ 80,000 and may decrease to $ 78,500. The resistance levels that must be monitored include $ 83,500, $ 85,000, and $ 88,000.
Despite the current declining pressure, the long -term expectations of Bitcoin remain unconfirmed, and are affected by the factors of macroeconomic economics and the morale of the comprehensive market.
