BITCOIN Timeframe H1 
Based on the BITCOIN (BTC/USD) chart on the H1 timeframe, the condition still indicates that this crypto asset is in a bearish phase, although in recent sessions there have been attempts to recover from the support area. Analysis using the Moving Average (MA) 100, Moving Average (MA) 200, as well as horizontal support and resistance lines show that selling pressure still dominates the price movement structure. The increase that occurred towards the end of the chart more reflects a technical rebound after a sharp decline, rather than a confirmation of a trend change. As long as the price remains below the MA 100 and MA 200, the tendency for weakness remains the main scenario to be considered. From the moving average indicator side, the MA 100 displayed with a blue line is below the MA 200 depicted with a red line. This arrangement confirms that the medium-term trend is still in a bearish phase. In addition, both moving averages still have a downward slope, indicating that the average price in recent periods continues to decline. The current price position is also still below these two moving averages, so the dynamic resistance is still strong enough to limit any upward attempts. As long as the price is unable to break above the MA 100 and then hold above the MA 200, the chances of a trend reversal are relatively limited. Price movements show that Bitcoin briefly stabilized above the 64,000 area before experiencing aggressive selling pressure. This decline brought the price below several important support levels to reach below the 59,600 area. After touching this support area, buying responses emerged, pushing the price gradually towards the 60,242 range. However, this increase has not been able to change the market structure because the price is still below the main resistance area and has not formed a higher peak compared to the previous peak. The presence of horizontal support and resistance lines provides a clearer picture of the technical areas of interest to market participants. The nearest resistance is at the 62,627 level, which was previously a significant support before being broken by selling pressure. This level has now turned into resistance and is the first target if the rebound continues. If the price is able to break above this area with increased volume and a strong candle close, then the chances of an increase towards the next resistance at 64,276 will be more open. This area has significant technical meaning as it is close to the MA 200 position and is also a consolidation zone before the sharp decline. If the bullish momentum continues, the next target is at 65,528, before finally testing the major resistance at 66,460, which is the highest area in the observation period and a strong barrier to the uptrend. On the downside, the first support is around 59,560, which is an important area as it has managed to stop selling pressure several times in recent sessions. As long as the price can hold above this level, the possibility of short-term consolidation or rebound remains open. However, if this support is broken with a strong bearish candle, then selling pressure is expected to increase towards the next support at 58,122. This level is a major support that is the lowest point in the recent downtrend. If this area fails to be maintained again, the bearish structure will strengthen further and open up the possibility of a decline towards lower levels on a larger timeframe. From the candlestick pattern side, the price movement at the end of the chart shows a gradual recovery after several large-bodied bearish candles were formed. The bullish candles that appeared did lift the price from the support area, but their size is relatively smaller compared to the previous bearish candles. This indicates that buying strength is starting to emerge, but not dominant enough to change the overall market sentiment. In addition, the recent increase has not been able to break above the nearest resistance area, so the possibility of consolidation is still significant. When observed from the price structure, Bitcoin is still forming lower highs and lower lows, which are the main characteristics of a bearish trend. The recent increase has not produced a new higher peak compared to the previous peak, so the downward structure is still maintained. As long as this pattern does not change into a series of higher highs and higher lows, the bearish tendency remains dominant. This condition is also reinforced by the price position still being below the MA 100 and MA 200, so selling pressure still has the technical advantage. Overall, the technical analysis of Bitcoin on the H1 timeframe still shows a bearish bias although there are signs of short-term recovery from the support area. The position of the MA 100 below the MA 200 and the downward slope of both indicators confirm that the main trend has not changed. The 62,627 area is the nearest resistance that needs to be broken for the opportunity to increase towards 64,276 and 65,528 to be more open. On the other hand, the 59,560 area is a very important support to maintain. If this level is breached again by selling pressure, the risk of a decline towards 58,122 will increase and strengthen the continuation of the bearish trend. Therefore, the main focus of market participants in the short term remains on the price reaction to the main support and resistance areas, as well as the ability of the price to move back above the MA 100 and MA 200 as an initial confirmation of a trend reversal.
*El análisis de mercado publicado aquí está destinado a aumentar su conocimiento, pero no a dar instrucciones sobre cómo realizar una operación
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