Bitcoin (BTC) Technical Analysis: Critical Levels to Monitor Before Its Next Massive Move

Bitcoin (BTC) is trading at $84,003, facing potential bearish pressure across multiple timeframes. With a rising wedge pattern on the 4-hour chart and a death cross on the daily chart, Bitcoin is at a crossroads. Let’s break down the key levels to watch.

Daily Chart: Death Cross Looming

The daily chart is showing signs of weakness as Bitcoin nears a death cross, a bearish signal where the 50-day moving average (MA) crosses below the 200-day MA. This typically marks a trend reversal to the downside.

• Support Levels:
• $82,400: Key short-term support. A breakdown here could signal further declines.
• $76,000–$78,000: A deeper support zone, is critical in preventing significant losses.
• Resistance Levels:
• $86,000: Immediate resistance, aligning with the 200-day MA. A breakout above this could shift momentum.
• $88,500: Another strong resistance level. A close above this would suggest bullish reversal potential.

4-Hour Chart: Rising Wedge Breakdown

On the 4-hour timeframe, Bitcoin is forming a rising wedge, a pattern typically indicative of bearish reversals. The pattern recently broke down, with support being tested around $81,000–$82,000.

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• Support Levels:
• $81,000: Immediate support. A drop below this could accelerate selling and push BTC toward the next support zone.
• $78,500: Stronger support if the price fails to hold at $81,000.
• Resistance Levels:
• $85,000: First resistance after the breakdown of the wedge. A breakout above this level could signal a short-term bullish reversal.
• $88,500: Strong resistance, previously tested on higher timeframes.

Bitcoin is at a pivotal point in its price action. The death cross on the daily chart and the breakdown of the rising wedge on the 4-hour chart suggests a bearish sentiment. However, support levels around $82,000 and $81,000 could provide temporary relief. Traders should closely monitor these levels for potential breakout or breakdown scenarios.

Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.

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