Following a pullback, the price of Bitcoin has continued on its downward movement. The coin, after failing to break above the 100-day Simple Moving Average (SMA) and the trend line has experienced a drop of over 6% from its previous high. Will the price of BTC continue to move in a downward direction or will it reverse and start moving in an upward direction? As of the time of writing, the price of BTC was trading around $62,972 which is about 28% down from its all-time high and was down by 1.27% in the last 24 hours. Although the price is trading below the 100 SMA on the 4-hour chart, on the daily chart it is still trading above the 100 SMA. Current Condition Of Indicators And What They Suggest Looking at the chart, technically a support level and a resistance level of $59,653 and $67,255 were formed respectively. However, there could be more support and resistance levels created if the price continues to move downward. 4-Hour Moving Average: A technical observation of the chart from the 4-hour timeframe as seen in the image b ..
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