Bitcoin Drops to $67K, Will It Test $66K Support Soon?

At the start of the day, Bitcoin started trading at levels near $69,450, with some signs of consolidation in the early hours. However, over the course of a day, the price fell and suffered a major sell-off after losing 3.17% of its value in the past 24 hours. This decline continued throughout the day and the price fell to the current level of around $67,106. The resistance level initially appeared to be around $69,500 as the price struggled before the decline.

The move out of the resistance area was quite sharp, suggesting that Bitcoin’s attempts to return to this level could lead to similar selling pressure. The price fell, breaking several minor support levels, but only retreated at the $67,100 level. This area may provide short-term support, but if it breaks, further lows could be seen testing the support zone around $66,000 as traders may look to take profits or liquidate positions at these levels to minimize their losses.

Trading volume has increased by 95.81% in the last 24 hours, showing that trading activity has increased at the same time as the price drop. This indicates high transaction volumes in Bitcoin’s sell-off as the price fell.

The capitalization for Bitcoin has also fallen to $1.32 trillion, which is 3.11% less than the previous value. These statistics show that the market has been bearish over the past day, despite the fact that volume has increased. The market has not been able to recover and has instead moved to an accelerated sales process.

The CMF indicator is also in negative territory on the 4-hour Bitcoin (BTC) time frame, with a reading of -0.23. When this indicator is below zero, there is more selling pressure than buying pressure, as the CMF value calculates the amount of money flow volume that occurs in a specific period. The negative value could indicate that the bears still control the market.

The CMF has remained negative throughout, supporting continued selling pressure. Traders believe that such a trend should be seen as a warning to avoid bullish positions, as the lack of buying pressure can prevent the price from rising.

Moreover, the AO has a value of -1,703, which supports the bearish outlook of the CMF. The AO, defined as the difference between a 34- and 5-period simple moving average of the bars’ centers, is also negative and has fallen. This decline suggests that the bears are controlling the market as there has been less buying pressure due to recent price action.

The Moving Average Convergence Divergence (MACD) for Bitcoin (BTC) on the 4-hour chart also has a bearish outlook, indicating a downtrend in the market. The MACD line is below the signal line and both lines are under selling pressure, further supported by the negative histogram bars with higher volumes.

The current MACD values ​​of -296 and Signal of -319 show that bearish momentum is still rising. This can only mean that prices can still fall until a bullish crossover or other positive interference occurs in the market.