Bitcoin price continues to weaken after the market shake. The cryptocurrency traded at around $64,046 at press time and is down 2% over the past 24 hours.
BTC/USD 4-hour chart | Source: TradingView
Bearish pressures mount against Bitcoin price
Lower support is seen around $60,000, which could stabilize the current pullback.
“Bitcoin is hovering at $63.4k, & traders couldn’t be less interested. From the perspective of BTC discussion as a percentage compared to the top 100 altcoins by market cap”, Santiment stated.
Source: Santiment
Also, ETH is volatile. “Ethereum’s supply on exchanges sits at 15.66%. One year ago, this number sat at 23.29%. It’s clear that more and more $ETH is moving safely to cold wallets for DeFi-related activity and hodling, an encouraging sign for long-term price prospects”, Santiment stated.
Source: Santiment
The Relative Strength Index (RSI) on the 4-hour chart is near oversold levels, similar to October 27, before prices rallied nearly 10%. However, this time, buyers may face resistance around $65,000, as the upside momentum has worn off this week.
The indicators suggest a possible period of consolidation after bullish exhaustion signals appeared on the chart yesterday. Furthermore, the negative divergence on the daily RSI suggests limited short-term upside.
The weekly chart shows bullish momentum is improving, although a decisive break above $69,000 is needed before making bullish targets.
Read more:
- Bitcoin Price Looks Primed To Dip Before Printing Higher Highs
- Bitcoin Price Hit Another ATH At $69,000, Traders Began Taking Profit, Leading To A Nearly $7,000 Drop