Bitcoin cryptocurrency is currently facing bearish pressure as it turned down from the round resistance level of 70000.00. This level, which was a previous multi-month high from July, acted as a strong barrier that halted wave (4) at the end of July. The downward reversal from the 70000.00 resistance level formed a daily Japanese candlestick reversal pattern known as a Doji, signaling the start of the active short-term correction wave ii. This correction wave ii is part of the higher impulse waves 3 and (C).
Considering the strength of the 70000.00 resistance level, the overbought daily Stochastic indicator, and the bearish sentiment prevailing across the cryptocurrency markets, Bitcoin can be expected to decline further towards the next support level at 66000.00. This level was a significant resistance level in September and is also the target for completing the active wave iv.
Technical analysis of Bitcoin indicates a potential downward movement in the near term. It is important to note that the views and opinions expressed in this article are solely those of the author. FinanceFeeds does not assume any legal responsibility for the content of this article, and it does not necessarily reflect the views of FinanceFeeds or its editorial team.
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In conclusion, the current bearish pressure on Bitcoin cryptocurrency suggests a potential decline towards the 66000.00 support level. Traders and investors should closely monitor the price action and market sentiment to make informed decisions in this volatile market environment.