Bitcoin has been endeavoring to shift its trajectory from a downturn to an upswing. However, despite its efforts, the coin has remained on a downward trend for several days following its inability to surpass its previous all-time high of $73,833.
Will Bitcoin Continue Upward After This Rejection?
At the time of writing, the price of BTC was trading around $63,846 which was about 27% down from its all-time high and was up by 0.06% in the last 24 hours. Although the price is trading below the 100 Simple Moving Average (SMA) on the 4-hour chart, on the daily chart it is still trading above the 100 SMA
Looking at the support and resistance lines in the below image, it can be seen that the price has tried to break the support level of $59,579 twice and has failed. The first time Bitcoin reached this level, it pushed the price upward to create a new all-time high. Thus, now that it has hit this level again, it might push BTC even further.
The circles in the image indicate the tw
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