Bitcoin Trading | Short-Term Bears Put Pressure on BTC Prices
Edited By
Thomas Schreiber
Bitcoin is currently trading at $66,741, reflecting some short-term bearish sentiment following a recent attempt to push higher toward $67,070. The price faced rejection at this level and is now retreating, signaling potential uncertainty in the market.
A Closer Look at the Charts
Analysis of the BTC/USDT 15-minute chart indicates that sellers are becoming more active.
"Solid analysis. The lower highs and price below short-term MA suggest sellers are still in control."
The candles show lower highs developing, and a notable slowing in momentum suggests traders should be cautious. Currently, Bitcoin hovers near its short-term moving averages, which raises the stakes for the next move:
Resistance Levels:
$67,000 – $67,100 (recent rejection zone)
$67,400 (intraday resistance)
$67,800+ (stronger resistance)
Support Levels:
$66,600 – $66,500 (immediate support area)
$66,080 (recent swing low)
$65,800 – $65,900 (next strong demand zone)
Market Sentiment
Sentiment among traders is mixed but leans bearish.
Some express optimism: "Want Green candle."
Others remain cautious, urging to watch for support: "Short term pullback in play, watching for support before the next move."
Notable Highlights
Slowing Momentum: Volume is declining, indicating that momentum is losing steam.
Resistance Rejection: The rejection around $67K suggests sellers hold the edge.
Potential Moves: If Bitcoin breaks below $66,600, additional downside is likely. Conversely, if it can reclaim $67,000 with strong volume, a bounce towards the next resistance of $67,400 could be on the table.
Curiously, users seem to be preparing for a volatile few days ahead. Will Bitcoin find the strength to rebound, or will it test further lows?
Key Points
⚡ Current price: $66,741, down from $67,070.
🟥 Sellers remain active near recent resistance.
🔽 The next key support level is around $66,600.
🔼 A rebound could see targets around $67,400 if momentum shifts.
As the trading day unfolds, all eyes will be on Bitcoin's next move amid an increasingly competitive market.
What Lies Ahead for Bitcoin?
Experts suggest there's a strong chance Bitcoin could either rebound or slide further depending on market reactions to pivotal levels. The presence of increasing selling pressure means that if the price falls below $66,600, we might see a further dip – possibly below $66,000 – with a probability of around 60%. Conversely, should Bitcoin manage to reclaim the $67,000 mark with robust trading volume, a rally towards $67,400 is estimated at about 65%. This tug-of-war at these critical points indicates that traders should closely monitor shifts in volume and sentiment over the next few days.
Uncommon Threads in Time
In many ways, this situation parallels the late 2000s housing market fluctuations. Just as buyers and sellers initially found themselves at odds amidst economic uncertainty, crypto traders today grapple with similar feelings of doubt against a backdrop of volatility. In those days, cautious homeowners waited, hoping for market stability before making significant decisions. Today’s crypto investors are echoing that sentiment—the push and pull of optimism and pessimism creates a similar dynamic that could define market movements for months to come.