Bitcoin

Verge

Reversal

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Now trading close to $63,000 <a href="https://u.today/satoshi-era-bitcoin-wallet-activated-after-13-years" rel="noopener noreferrer nofollow">Bitcoin</a> is getting close to a critical level that could indicate a lower high in the current declining trend. If Bitcoin fails to break through key resistance, the formation of this lower high is frequently interpreted as an early warning sign of a possible price reversal, indicating that a significant decline may be imminent.
Though there has been a recent rally, the trend is still exhibiting signs of weakness. Bitcoin is encountering multiple technical obstacles, with the $64,000 mark serving as a crucial boundary. The bearish pattern may be disproved, and further upside may be possible if Bitcoin is able to break above $64,000.&nbsp; <img alt="BTCUSDT" data-entity-type="file" data-entity-uuid="e7a66e75-628c-495a-9f05-438746c72248" src="https://u.today/sites/default/files/inline-images/image_1217.png"><a href="https://www.tradingview.com/" rel="noopener noreferrer nofollow">BTC/USDT Chart by TradingView</a>
The death cross that appeared on <a href="https://u.today/dogecoin-doge-shows-trend-reversal-potential-massive-bitcoin-btc-breakout-whats-behind-it-toncoin" rel="noopener noreferrer nofollow">Bitcoin</a> practically destroys the chances of the first cryptocurrency to achieve a solid upside rally, unfortunately. Generally speaking, this bearish signal is still active and suggests further downside. Bitcoin must break the downward trend by rising above $64,000 and establishing a higher high in order to negate the death cross and the bearish momentum.
<a href="https://u.today/bitcoin-btc-price-prediction-for-september-19" rel="noopener noreferrer nofollow">Bitcoin's</a> trading volume has increased, which is encouraging for the currency's short-term momentum from a technical perspective. Still, readings on the RSI (Relative Strength Index) point to the asset possibly approaching overbought territory, raising the possibility of a pullback should buyers be unable to hold onto the asset.
To sum up, we are at a turning point for Bitcoin. Indicating additional downside risk, a failure to break above $64,000 could validate a lower high. Conversely, a breakout above this level might cause a change in market sentiment and give the bulls a chance to get back on track.

Bitcoin (BTC) on Verge of 'Lower High' Reversal at $63,000: What's Happening?

U_Today

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