Bitcoin (BTC) may be setting the tone for a short-term rebound after the TD Sequential indicator flashed a buy signal on lower timeframes. The signal happened after a recent price decline that pushed the token toward the $69,000–$70,000 range, indicating that bearish momentum could be declining in the near term.
According to the data given by CoinMarketCap, at the time of writing, the coin is trading at $69,560.63 with a 2.81% decrease in rate. The daily trading volume of the token is around $46.76 billion, and the market cap of the coin has exceeded $1.39 trillion.
Also Read: Bitcoin Targets $80,000 After Key Resistance Breakout Signals
TD Sequential Signals Trend Exhaustion
The TD Sequential indicator, extensively used by technical analysts to assess potential trend reversals, has printed a “9” buy signal on the 4-hour chart. This pattern generally means that a downtrend may be approaching exhaustion after a series of consecutive bearish candles.
Formerly, such signals have preceded short-term price recoveries, especially when assured by other technical or market factors. In the present setup, the token’s stable decrease from the mid-$70,000 range happens to have finished a full TD countdown cycle, growing the probability of a relief bounce.
Key Support and Resistance Level
BTC’s price chart reveals a downward momentum. It may climb toward the resistance (blue) at around $70,222.22. Assuming the bullish pressure strengthens, the golden cross might emerge and send the price up to test the $72,000 range.
If the reversal continues, the bears might further push down the token’s price to the support (yellow) at $68,705.42. In case the downside correction gains more traction, the death cross could form, and likely drive the asset’s price to a low of $68,000 or even lower.
The relative strength index (RSI) shows DOGE being oversold as the RSI line is far below the 50 median. The moving average convergence divergence (MACD) indicator shows the coin experiencing a bearish momentum as the MACD line (blue) is below the signal line (orange).
Bitcoin’s Recent Price Action Shows Sharp Decline
Bitcoin has gone through significant downside pressure in the latest sessions, falling from levels above $75,000 to below $70,000. The decrease was steered by a combination of macroeconomic developments, including stronger-than-expected inflation data and a larger risk-off sentiment across monetary markets.
The 4-hour chart shows a sequence of lower highs and lower lows, indicating stable selling pressure. The pace of the decrease has slowed as Bitcoin neared the $69,000 support area, where buyers have begun to re-enter the market.
This article contains market analysis and price predictions. These are not guarantees. Crypto markets are volatile. Always DYOR. Not financial advice.
Also Read: Bitcoin Falls as Dormant Whale Moves 1,000 BTC to Binance, Increasing Sell Pressure
