- Bitcoin currently maintains a position of $81,785.99 which market analysts remain focused on the $66,000 support level to identify a recovery opportunity.
- The daily trading volume of Bitcoin reduced following its two peaks that exceeded $100B during both mid-March and late December.
- If Bitcoin breaks above this price level it would cancel unfavorable market patterns thus extending its upward price movement.
Current Bitcoin price stands under the 200-day moving average (200DMA) which serves as a major technical signal for possible market trend changes. Current Bitcoin price stands at $81,785.99 as it shows 0.7% decline compared to yesterday’s price. Analysts are keeping close watch on potential future support levels as the digital currency maintains a price range between $76,784.16 and $83,627.07 over the past day.
Currently Bitcoin’s 200DMA displays $83,181.75 according to the Mayer Multiple measurement. The 0.8 and 2.4 Mayer Multiple oscillator levels make it clear that price levels of $66,545.40 stand as crucial support points. As Bitcoin experiences a fall beneath the 200DMA it explores lower support levels before establishing a conclusive direction.
Key Support and Resistance Levels
The Mayer Multiple reveals $66,000 will function as a primary support level according to analyst findings. Bitcoin has exhibited previous historical patterns showing it usually bases near a 0.8 Mayer Multiple price level before experiencing a price rebound. The price stabilizing above this threshold might point to a future market recovery.
Resistance exists near $83,181.75 which marks the 200DMA. A strong breakout above this mark could invalidate further bearish scenarios and signal a continuation of the broader upward trend.
Bitcoin Drops Below 200DMA as Volume Declines
Bitcoin’s decline below the 200DMA has sparked caution among traders, as similar movements in past cycles have often led to extended corrections. A sustained break below this support level would likely result in more price decline which might extend all the way to new lower support levels. On the contrary, a bounce from this level could indicate renewed bullish momentum.
Source:Coinglass
Data from Coinglass show Bitcoin’s trading volume explosively increases during market price fluctuations especially.Bitcoin reached above $100K but later experienced price drops in late December. Market activity rises when volume shows substantial changes due to stronger involvement from investors and institutions.
Bitcoin’s volume has seen multiple peaks, notably in mid-March and late December, surpassing $100 billion in daily trading. However, recent trends indicate a decline in both volume and price, which could suggest reduced market participation.
