When talking about Bitcoin, it should be noted that it is the master of the market, leading the overall market trend. When Bitcoin falls, other cryptocurrencies are often affected and fall with it due to Bitcoinâs huge dominance in the market. Therefore, any fall in Bitcoin may lead to a general fall in other currencies, making tracking Bitcoinâs movement crucial to anticipate the entire market movements.
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1. Bollinger Bands: The price is now near the lower bound at 66,105 USDT. If this level is broken, we could see a drop to the next support level at 64,581 USDT or even lower, with the strongest support level around 62,000 USDT.
2. MACD: The indicator is still strongly negative, indicating continued selling momentum. This could add additional downside pressure if no bounce occurs.
3. StochRSI: Although the market is in an oversold condition, if no strong bounce occurs soon, the decline could continue towards the above mentioned levels.
Bearish Expectation:
âą If the selling pressure continues without a strong bounce, we could see a drop towards 64,500 USDT, which is the closest potential level.
âą If this level is broken, 62,000 USDT is the next downside target.
These levels will be important to watch for any bounce or increase in selling momentum.
