Bitcoin Bullish Strength Weakens as Price Approaches $66,190 Key Level

BTCUSD Bulls are Losing Ground as Sellers Gain Momentum

Bitcoin bullish strength is declining as the price moves closer to the $66,190 key level. The bullish momentum that dominated earlier in the month has started to fade, with buying pressure gradually diminishing. The bulls, who had initially pushed the price near the $70,000 mark, are now pulling back, unable to sustain the upward momentum needed to drive the price higher.

BTCUSD Market Levels

Resistance Levels: $70,000, $68,300
Support Levels: $66,190, $64,000
After a strong recovery from the $59,660 level, the bulls managed to lift the market, but a recent shift in sentiment has led to a short-term sell-off, pushing the price back down to $66,190. Earlier in the month, the Bitcoin market was on a bullish run, with buyers propelling the price from $59,660 up to the $70,000 area.

However, in recent days, the bullish momentum has weakened, and the market is now retracing toward the $66,190 support level. This crucial area will determine whether the market can withstand further selling pressure or if the bears will push the price lower.

The Stochastic Oscillator indicates a critical juncture, suggesting that the sellers may have the upper hand. This indicator signals that the market may be nearing overbought conditions, giving the bears an opportunity to gain more control. Additionally, the Momentum indicator is showing signs of weakening, reflecting the bulls’ struggle to maintain upward pressure as selling sentiment increases.

Market Expectation

In the short term, the Bitcoin crypto is consolidating above the $66,190 key level, with neither buyers nor sellers fully in control. The Stochastic Oscillator on the shorter time frame suggests that sellers may soon reach the end of their dominance, creating a potential opportunity for buyers to re-enter the market.
Meanwhile, the Momentum indicator is rising, hinting that buyers are attempting to regain strength and push the price higher. If they can defend the $66,190 support level, a short-term recovery may be possible. However, if this level fails to hold, Bitcoin could face a deeper decline toward the $64,000 area, according to crypto signals indicating increased market volatility.

Make money without lifting your fingers: Start using a world-class auto trading solution 

How To Buy Lucky Block

Note: Learn2.trade is not a financial advisor. Do your research before investing your funds in any financial asset, product, or event. We are not responsible for your investment results.