CandleFocus Bitcoin Price Decline Worsens: Could It Be Setting Up for Major Reversal?
2024-11-05
Author: Content Editor
Bitcoin's price is currently struggling to break above the $69,500 level, indicating weakness in the market. The price has fallen below support levels at $70,000 and $69,200, reaching a low of $66,836. However, there are attempts to recover as the price has moved above the $67,500 resistance level. The next major resistance levels are expected at $68,200 and $69,200, with a potential for further gains if the price can break above $70,000. On the downside, immediate support is at $67,400, followed by $66,800 and $66,500. Technical indicators such as the MACD and RSI suggest a bearish trend in the short term.
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