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Bitcoin is in a downward trend as it has failed to surpass the specified resistance levels.
If the BTC price cannot close above the $66,700 resistance, the decline may continue.
Long-term investors can observe for a decline in the specified support range and look for suitable buying points.
Bitcoin is showing a downward trend due to its inability to surpass certain resistance levels, yet long-term investors may seek buying opportunities using the specified support ranges.
MEDIUM TERM BTC ANALYSIS
8-Hour BTC/USD Price Chart
Looking at the 8-hour technical chart of Bitcoin, it can be seen that a decline occurred due to the failure to surpass the previous support zone turned resistance at $65,800 – $66,700.
If the BTC price fails to achieve 8-hour candle closes above the $66,700 resistance, the downward movement may continue. BTC could extend its decline to the support range of $62,910 – $62,300 as long as it does not surpass the mentioned green resistance zone.
Those considering taking long-term leveraged positions in Bitcoin may anticipate a decline in the $62,910 – $62,300 support range. If a decline occurs to the specified support range, swing long trades can be preferred with a stop at the $59,000 level.
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