Bitcoin's price recently failed to break through the critical resistance level of $72,983, resulting in a decline. Despite still being above the 1-day Simple Moving Average (SMA), Bitcoin's price fell from $71,942 to $66,785, dipping below the SMA on both the 1-hour and 4-hour charts. This drop might indicate a bearish trend if it continues.

At the time of writing, Bitcoin was priced around $67,635, showing a slight increase of 0.14%. Its market capitalization stood at over $1.3 trillion, and its 24-hour trading volume exceeded $25 billion. Both metrics have decreased by 1.14% and 6.07%, respectively, in the past day.

Bitcoin's Performance on 4-Hour and 1-Day Charts

On the 4-hour chart, Bitcoin has fallen below the simple moving average, suggesting a potential downward movement. The 1-hour MACD also shows bearish signals, with the histograms trending below the zero line and the MACD line crossing below the signal line.

On the 1-day chart, Bitcoin's price is nearing the 100-day simple moving average. The 1-day MACD also hints at a bearish trend, as the histograms are below the zero line, and the MACD lines are heading toward it. These indicators across both timeframes suggest Bitcoin could experience a significant drop and enter a bearish phase.

Potential for a New All-Time High?

Currently, Bitcoin faces a major resistance level at $73,203, with key support levels at $60,146 and $50,604. If Bitcoin turns bearish as anticipated, it could move down toward the $60,146 support level. A break below this could see it testing the $50,604 support.

However, if Bitcoin manages to stay above these support levels, it could rebound and aim for the $73,203 resistance level. Breaking above this point might trigger a new rally, possibly reaching new highs.

In conclusion, Bitcoin's recent inability to break through the $72,983 resistance level has led to a price decline and bearish signals on multiple charts. Future movements will depend on how Bitcoin interacts with the identified support and resistance levels.