Bitcoin is trading at $67k and printing a red candle, indicating small losses. The most recent candle keeps the price range-bound as the coin fails to continue its uptrend.
The most recent price change is the opposite of what took place during the previous intraday session. After hitting the first pivot resistance at $69,200, it experienced a correction and dropped close to its opening price. Nonetheless, the day ended in the green.
The asset is forming a horizontal channel that continues to oscillate between $69,500 and $66k. Price actions in the last three days point to the coin gradually edging closer to the critical support. It shows mounting pressure on $66,000.
The latest change in trajectory happened after the May 20 hike, which saw the apex coin surge above $71k. Following its attempt at $72k, it suffered a three-day decline. Nonetheless, the charts hint at a further downtrend.
Bitcoin Bearish Divergence
The apex coin flipped bearish on several indicators. One such is the moving average convergence divergence. The metric shows the 12-day EMA under the 26-day EMA following an interception. With bearish divergence underway, the asset will experience more declines.
MACD’s histogram, which is printing its first red bar in more than two weeks, adds to the bearish readings. The relative strength index is also declining in response to the cryptocurrency’s failure to surge as selling pressure mount.
