Today, Bitcoin's price is experiencing a downturn, currently trading at $63,128 after reaching a low of $62,720. Throughout the trading week, the cryptocurrency's value peaked on Wednesday, touching its 100-bar moving average on the 4-hour chart at approximately $68,137.
Since reaching this high, the price has progressively decreased, with today's drop nearing the rising 200-bar moving average on the same chart, positioned at $62,393. Just beneath this average lies the 50% midpoint of the price increase from the February 24 low, at $62,188, indicating that the resistance at the 100-bar moving average has held firm.
As the price approaches the support levels defined by the 200-bar moving average and the 50% retracement, these markers become critical for both buyers and sellers to watch. A move below these support levels could signal a stronger bearish trend, while finding support at these levels and subsequently rising could shift the bias back towards bullish, with the next target being the 100-bar moving average.
In the midst/near the middle of these levels is the 38.2% retracement of the uptrend from February 24, marked at $64,927, serving as a battleground for buyers and sellers. This dynamic illustrates how technical indicators are predominantly influencing the market's direction. Use those levels going forward to define the bullish or bearish bias.
