Bitcoin Technical Analysis For Investors
Over the last week, Bitcoin broke a major support trend line. This can be seen in the chart above. Based on this break of support, Bitcoin earns a negative bias. Per technical analysis, the price of Bitcoin can potentially fall to $61,000. Should it break that level, downside to $50,000 becomes very likely.
Price action on Bitcoin has been muted since its all-time high near $74,000. While long-term Bitcoin remains strong, near-term price action appears weak.
For Bitcoin to regain a bullish bias, price would need to recapture the broken support level at $66,500.
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