Bitcoin (BTC) is facing a scenario of strong selling pressure. The application of Dow Theory confirms a structure of lower highs and lows, with the price trading below the key moving averages (7, 25, and 99 periods).
Key Points of Analysis
* Trend: Mostly downward. The asset tests the lower Bollinger band on the daily chart, signaling an acute corrective phase.
* Indicators: The RSI indicates an oversold region. This suggests that the market is "stretched", increasing the likelihood of technical rebounds for relief before further declines.
* Candles: Patterns of long real bodies confirm the dominance of bears, although lower shadows indicate buyer defense at immediate supports.
Probable Targets (Buckle up)
| Low (Main) | $63.791 and $62.432 | Fibonacci extension and historical support of the daily chart. |
| High (Rebound) | $68.001 and $68.766 | Retracement zones of 38.2% and 50% of Fibonacci. |
Verdict: The bias remains bearish. The zone of $68,000 acts as the main barrier for any recovery attempt. If the current support of $65,500 does not hold the price, the target at $62,400 gains strength.