Following the failure to break above the $72,983 resistance level, the price of Bitcoin has continued to drop. Although Bitcoin’s price is still trading above the 1-day Simple Moving Average (SMA), this rejection has led to the crypto asset dropping from $71,942 to $66,785 and moving below the SMA both in the 1-hour and the 4-hour chart. This drop below the SMA could trigger a change of character and the price will go bearish. As of the time of writing the price of Bitcoin was trading at around $67,635 and was up by 0.14% with a market capitalization of over $1.3 trillion and a 24-hour trading volume of over $25 billion. Its market capitalization and trading volume are both down by 1.14% and 6.07% respectively in the last 24 hours. Bitcoin Price Conditions In 4-Hour And 1-Day Chart From the 4-hour timeframe, BTC has dropped below the simple moving average. This indicates that the price of BTC might begin to move downward from this point. The 1-hour MACD also indicates that BTC could go bearish as the MACD histograms are trending below the zero line. ..
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