Bitcoin, Technical Analysis – H4
The asset remains under the pressure of multiple bearish factors, with prospects of a medium-term decline toward $50,000.
Bitcoin continues to look extremely weak. The current price recovery appears to be nothing more than a simple technical correction lacking the momentum needed for a reversal. Moreover, it exhibits the characteristics of a “bear flag” pattern on higher timeframes. As a result, a new wave of decline could be triggered either from current levels or after a test of the pivot near $63,300.
Key Levels:
□ $63,300 – Key pivot resistance
□ $50,000 – Medium-term downside target
Primary Scenario:
Consolidation around current levels in preparation for a renewed decline.
Alternative Scenario:
Retracement to $63,300 followed by a sharp reversal downward.
Analyst Commentary:
The asset remains under the pressure of multiple bearish factors, with prospects of a medium-term decline toward $50,000.
Nikolai Krishtopov is a Market Analyst at Investizo with more than 15 years of experience in the financial markets industry and over a decade of trading experience. His areas of focus include forex and crypto markets, technical analysis, intraday trading and market behaviour.