{"id":632243,"date":"2024-07-30T13:30:57","date_gmt":"2024-07-30T13:30:57","guid":{"rendered":"https:\/\/wncen.com\/?p=632243"},"modified":"2024-07-30T11:28:34","modified_gmt":"2024-07-30T11:28:34","slug":"bitcoin-eyes-63000-key-indicators-signal-further-decline-time-to-sell","status":"publish","type":"post","link":"https:\/\/wncen.com\/analysis\/btc\/bitcoin-eyes-63000-key-indicators-signal-further-decline-time-to-sell\/","title":{"rendered":"Bitcoin Eyes $63,000: Key Indicators Signal Further Decline – Time To Sell?"},"content":{"rendered":"

Bitcoin<\/span><\/a> (BTC) is currently experiencing increasing bearish pressure, with technical indicators suggesting a potential decline toward the $63,316 mark. This price drop is driven by factors such as weakening momentum and decreasing trading volume.<\/span><\/p>\n

As Bitcoin <\/span>targets<\/span><\/a> the $63,316 mark, Investors and analysts are closely monitoring this development, as it may indicate further declines and set the stage for BTC to test lower support levels. This article analyzes Bitcoin’s current price movements and <\/span>technical indicators<\/span><\/a> signaling a potential further decline for the cryptocurrency focusing on the 4-hour and the 1-day chart.<\/span><\/p>\n

Bitcoin currently has a market capitalization exceeding $1.3 trillion and a trading volume surpassing $39 billion. As of the time of writing, its price was down by 3.81%, trading around $66,814 over the last 24 hours. During this period, the asset\u2019s market cap has decreased by 3.84%, while its trading volume has surged by 70.25%.<\/span><\/p>\n

Technical Analysis: Key Bearish Indicators<\/strong><\/h2>\n

On the 4-hour chart, the price of BTC looks bearish as it is currently dropping towards the 100-day Simple Moving Average (SMA). It can also be observed here that Bitcoin’s price has printed multiple bearish candlesticks as it approaches the $63,316 <\/span>support level<\/span><\/a>.<\/span><\/p>\n

\"Bitcoin\"
Source: BTCUSDT on Tradingview.com<\/figcaption><\/figure>\n

The Composite Trend Oscillator on the 4-hour chart further indicates a bearish trend, as both signal lines have fallen below the indicator’s SMA and are heading toward the zero level. If the price continues to decline as the indicator suggests, it could drop below the 100-day SMA, potentially reaching the $63,316 mark.<\/span><\/p>\n

A closer examination of BTC’s movement on the 1-day chart shows that the failure to break above the 1-day trendline has led to a significant price <\/span>drop<\/span><\/a> toward the 100-day SMA and the $63,316 support level. This has resulted in Bitcoin successfully printing a bearish candlestick in the previous day’s trading.<\/span><\/p>\n

\"Bitcoin\"
Source: BTCUSDT on Tradingview.com<\/figcaption><\/figure>\n

Additionally, the 1-Day composite trend oscillator indicates a potential bearish decline, as the signal line is currently attempting to cross below the indicator’s SMA. If this crossover is successful, it could lead to further losses for the crypto asset.<\/span><\/p>\n

Recovery Or Further Decline For Bitcoin?<\/strong><\/h2>\n

Should the digital asset’s <\/span>price fall<\/span><\/a> below the 100-day SMA and the $63,316 mark, it may continue to drop to test the $60,152 support level. When this level is breached, BTC may experience more price drops toward the $53,541 support range and possibly other levels below.<\/span><\/p>\n

However, given that Bitcoin fails to decline further as predicted and turns to move upward, it will begin to move toward the $71,909 resistance level. It could move even higher to challenge the $73,811 resistance point if it breaks above $71,909 and possibly moves on to create a <\/span>new all-high<\/span><\/a>.<\/span><\/p>\n

\"Bitcoin\"
BTC trading at $66,651 on the 1D chart | Source: BTCUSDT on Tradingview.com<\/a><\/figcaption><\/figure>\n
Featured image from iStock, chart from Tradingview.com<\/em><\/div>\n","protected":false},"excerpt":{"rendered":"

Bitcoin (BTC) is currently experiencing increasing bearish pressure, with technical indicators suggesting a potential decline toward the $63,316 mark. This price drop is driven by factors such as weakening momentum and decreasing trading volume. As Bitcoin targets the $63,316 mark, Investors and analysts are closely monitoring this development, as it may indicate further declines and set the stage for BTC to test lower support levels. This article analyzes Bitcoin’s current price movements and technical indicators signaling a potential further decline for the cryptocurrency focusing on the 4-hour and the 1-day chart. Bitcoin currently has a market capitalization exceeding $1.3 trillion and a trading volume surpassing $39 billion. As of the time of writing, its price was down by 3.81%, trading around $66,814 over the last 24 hours. During this period, the asset\u2019s market cap has decreased by 3.84%, while its trading volume has surged by 70.25%. Technical Analysis: Key Bearish Indicators On the 4-hour chart, the price of BTC looks bearish as it is currently dropping towards the 100-day Simple Moving Average (SMA). It can also be observed here that Bitcoin’s price has printed multiple bearish candlesticks as it approaches the $63,316 support level. The Composite Trend Oscillator on the 4-hour chart further indicates a bearish trend, as both signal lines have fallen below the indicator’s SMA and are heading toward the zero level. If the price continues to decline as the indicator suggests, it could drop below the 100-day SMA, potentially reaching the $63,316 mark. A closer examination of BTC’s movement on the 1-day chart shows that the failure to break above the 1-day trendline has led to a significant price drop toward the 100-day SMA and the $63,316 support level. This has resulted in Bitcoin successfully printing a bearish candlestick in the previous day’s trading. Additionally, the 1-Day composite trend oscillator indicates a potential bearish decline, as the signal line is currently attempting to cross below the indicator’s SMA. If this crossover is successful, it could lead to further losses for the crypto asset. Recovery Or Further Decline For Bitcoin? Should the digital asset’s price fall below the 100-day SMA and the $63,316 mark, it may continue to drop to test the $60,152 support level. When this level is breached, BTC may experience more price drops toward the $53,541 support range and possibly other levels below. However, given that Bitcoin fails to decline further as predicted and turns to move upward, it will begin to move toward the $71,909 resistance level. It could move even higher to challenge the $73,811 resistance point if it breaks above $71,909 and possibly moves on to create a new all-high. Featured image from iStock, chart from Tradingview.com<\/p>\n","protected":false},"author":608,"featured_media":632244,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[83361],"tags":[428,1119,1144,78790,92579,91599,85676],"class_list":["post-632243","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-btc","tag-bitcoin","tag-btc","tag-btcusd","tag-btcusdt","tag-composite-trend-oscillator","tag-simple-moving-average","tag-sma"],"acf":[],"yoast_head":"\nBitcoin Eyes $63,000: Key Indicators Signal Further Decline<\/title>\n<meta name=\"description\" content=\"Bitcoin is experiencing increasing bearish pressure, with technical indicators suggesting a potential decline toward the $63,316 mark.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, 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Trust me, I\u2019ve had my share of experience with the ups and downs in the market but I never for once lost the passion to grow in the field. This is because I believe growth leads to excellence and that\u2019s my goal in the field. And today, I am an employee of Bitcoinnist and NewsBTC news outlets. My Bosses and co-workers are the best kinds of people I have ever worked with, in and outside the crypto landscape. I intend to give my all working alongside my amazing colleagues for the growth of these companies. Sometimes I like to picture myself as an explorer, this is because I like visiting new places, I like learning new things (useful things to be precise), I like meeting new people - people who make an impact in my life no matter how little it is. One of the things I love and enjoy doing the most is football. It will remain my favorite outdoor activity, probably because I'm so good at it. I am also very good at singing, dancing, acting, fashion and others. I cherish my time, work, family, and loved ones. I mean, those are probably the most important things in anyone's life. I don't chase illusions, I chase dreams. I know there is still a lot about myself that I need to figure out as I strive to become successful in life. I\u2019m certain I will get there because I know I am not a quitter, and I will give my all till the very end to see myself at the top. I aspire to be a boss someday, having people work under me just as I\u2019ve worked under great people. This is one of my biggest dreams professionally, and one I do not take lightly. Everyone knows the road ahead is not as easy as it looks, but with God Almighty, my family, and shared passion friends, there is no stopping me.","sameAs":["https:\/\/x.com\/NFTwerey"],"url":"https:\/\/wncen.com\/author\/godspowerowie\/"}]}},"parsely":{"version":"1.1.0","meta":{"@context":"https:\/\/schema.org","@type":"NewsArticle","headline":"Bitcoin Eyes $63,000: Key Indicators Signal Further Decline – Time To Sell?","url":"http:\/\/wncen.com\/analysis\/btc\/bitcoin-eyes-63000-key-indicators-signal-further-decline-time-to-sell\/","mainEntityOfPage":{"@type":"WebPage","@id":"http:\/\/wncen.com\/analysis\/btc\/bitcoin-eyes-63000-key-indicators-signal-further-decline-time-to-sell\/"},"thumbnailUrl":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/07\/iStock-1248674191_f7da3e.jpg?resize=200%2C200","image":{"@type":"ImageObject","url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/07\/iStock-1248674191_f7da3e.jpg?fit=2120%2C1415"},"articleSection":"BTC","author":[{"@type":"Person","name":"Godspower Owie"}],"creator":["Godspower Owie"],"publisher":{"@type":"Organization","name":"NewsBTC","logo":"https:\/\/wncen.com\/wp-content\/uploads\/2020\/06\/cropped-cropped-cropped-favicon.png?w=32"},"keywords":["bitcoin","btc","btcusd","btcusdt","composite trend oscillator","simple moving average","sma"],"dateCreated":"2024-07-30T13:30:57Z","datePublished":"2024-07-30T13:30:57Z","dateModified":"2024-07-30T13:30:57Z"},"rendered":"<script type=\"application\/ld+json\">{\"@context\":\"https:\\\/\\\/schema.org\",\"@type\":\"NewsArticle\",\"headline\":\"Bitcoin Eyes $63,000: Key Indicators Signal Further Decline – Time To Sell?\",\"url\":\"http:\\\/\\\/wncen.com\\\/analysis\\\/btc\\\/bitcoin-eyes-63000-key-indicators-signal-further-decline-time-to-sell\\\/\",\"mainEntityOfPage\":{\"@type\":\"WebPage\",\"@id\":\"http:\\\/\\\/wncen.com\\\/analysis\\\/btc\\\/bitcoin-eyes-63000-key-indicators-signal-further-decline-time-to-sell\\\/\"},\"thumbnailUrl\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/07\\\/iStock-1248674191_f7da3e.jpg?resize=200%2C200\",\"image\":{\"@type\":\"ImageObject\",\"url\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2024\\\/07\\\/iStock-1248674191_f7da3e.jpg?fit=2120%2C1415\"},\"articleSection\":\"BTC\",\"author\":[{\"@type\":\"Person\",\"name\":\"Godspower Owie\"}],\"creator\":[\"Godspower Owie\"],\"publisher\":{\"@type\":\"Organization\",\"name\":\"NewsBTC\",\"logo\":\"https:\\\/\\\/wncen.com\\\/wp-content\\\/uploads\\\/2020\\\/06\\\/cropped-cropped-cropped-favicon.png?w=32\"},\"keywords\":[\"bitcoin\",\"btc\",\"btcusd\",\"btcusdt\",\"composite trend oscillator\",\"simple moving average\",\"sma\"],\"dateCreated\":\"2024-07-30T13:30:57Z\",\"datePublished\":\"2024-07-30T13:30:57Z\",\"dateModified\":\"2024-07-30T13:30:57Z\"}<\/script>","tracker_url":"https:\/\/cdn.parsely.com\/keys\/wncen.com\/p.js"},"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"https:\/\/wncen.com\/wp-content\/uploads\/2024\/07\/iStock-1248674191_f7da3e.jpg?fit=2120%2C1415","amp_enabled":true,"_links":{"self":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/632243"}],"collection":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/users\/608"}],"replies":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/comments?post=632243"}],"version-history":[{"count":0,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/posts\/632243\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media\/632244"}],"wp:attachment":[{"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/media?parent=632243"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/categories?post=632243"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/wncen.com\/wp-json\/wp\/v2\/tags?post=632243"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}