BITCOIN MULTI-TIMEFRAME LOOK
$BTC took a big hit recently, dropping from its high point near $82,850 all the way down to $61,383. By looking at the 4-Hour, Daily, and Weekly charts together, we can see exactly what is happening:
➡️ Sellers are Exhausted (Oversold RSI): The momentum tracker (RSI) is sitting around 18 on all three charts. This is extremely rare! It means
$BTC has been oversold in the short, medium, and long term. The selling pressure is pushed to its absolute limit, making a relief bounce highly likely.
➡️ Buyers are Defending $61.3k: The moment Bitcoin touched $61,383, a massive wave of buying volume rushed into the market. Big players stepped in heavily to protect this price level and stop the crash.
➡️ The Roadblocks Ahead: Even though a bounce is expected,
$BTC has a lot of heavy walls to break before it is safely back in a bull market. It will face immediate resistance at $67,800, and the biggest challenge will be climbing back over $72,860.
➡️ The Only Levels That Matter Right Now
- The Floor ($61,383): This level must hold. If Bitcoin drops below this, expect more downside.
- The First Target ($67,800): The immediate goal for buyers on the smaller charts.
- The Safe Zone ($72,860): Bitcoin needs to break above this on the daily chart to prove the downtrend is truly over.
➡️ Summary: Bitcoin is deeply exhausted from falling and looks ready for a short-term relief rally. However, the overall trend is still leaning bearish until buyers can force the price back above $72.8k.
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