Bitcoin Price Prediction as BTC Consolidates at Support – When is the Next Move Up?

cryptonews.com:

The Bitcoin price has dropped by 0.5% in the past 24 hours, with its reading of $66,155 also making for a loss of 0.7% in the past hour.

Its minor change comes as the cryptocurrency market as a whole falls by 0.5% today, with BTC down by 4.5% in a week.

However, the market’s biggest cryptocurrency holds onto a nice 148% gain in a year, with much of this increase stemming from January’s launch of several Bitcoin ETFs.

And given that it almost always leads market rallies, its next move up should arrive very soon.

Bitcoin has been having a rough time since June 7, when it dived from around $71,000 to $69,000.

Since then it has declined even further, dripping to $66,000 today and showing the signs of poor momentum.

For one, its relative strength index (purple) has declined to 40 today, having spent nearly two weeks mostly below 50.

At the same time, BTC’s 30-day moving average (orange) continues to remain well below the 200-day (blue), implying that it and the coin’s price should recover soon.

However, one thing not supporting an imminent recovery is the coin’s support level (green), which like the resistance level (red) has been dropping steadily for a while now.