Bitcoin (BTCUSD) Sellers Gain Momentum as Price Tests $64,000 Support

BTCUSD sellers pressure the price towards the $64,000 support level

BTCUSD sellers gain more momentum as the price tests the $64,000 support zone. Buyers recently attempted to push the price higher, but their efforts were short-lived as sellers quickly regained control.

BTCUSD Key Levels
Supply Levels: $72,000, $73,860
Demand Levels: $60,400, $64,000
Earlier this month, the Bitcoin price started trending upwards in a ranging market. However, sellers grew stronger, pushing the price through the $67,320 key resistance level. Buyers tried to intervene, but they could only pull the price back to the $67,320 market zone before selling pressure resumed. Now, sellers have pushed the price close to the $64,000 significant support area.

Technical indicators suggest that sellers control market momentum. The Momentum indicator is slipping lower, indicating that buyers are losing traction. The Parabolic SAR (Stop and Reverse) indicator is also trending lower as the price heads south, showing that buyers remain subdued. After losing confidence, buyers have been unable to regain strength this week.
Market Expectation
On the 4-hour chart, sellers continue to exert pressure, and further dominance could lead to a breakout below the $64,000 key support level. Both the Parabolic SAR and the Momentum indicator suggest that sellers are in control of the market’s direction. To navigate these market conditions, traders should consider using the best crypto signals available.

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