Recent analysis of Bitcoin's performance reveals a surge to $71,958 on the daily chart before retracing to its current level. There's notable selling pressure indicated by significant volume drawdowns, with candlestick patterns hinting at potential reversal points, particularly around the recent peak. The 4-hour chart echoes this trend, showing a similar short-term high followed by a sharp drop.

Bitcoin's technical analysis suggests consolidation around $67,000 on the daily chart, with decreasing highs and lows indicating bearish sentiment. The decline from $71,958 to $67,000 is backed by high volume, reinforcing the bearish outlook. A descending trendline from the peak implies ongoing selling pressure, but a potential bullish reversal might happen if recent lower highs are breached.

On the 4-hour chart, immediate resistance is seen around $70,024, where the recent decline started. Bitcoin stabilized around $67,000 after testing lows near $66,343. Sell volume spiked around $70,024, followed by a gradual decrease, indicating a bearish continuation pattern with intermittent consolidation. Support and resistance levels are at $66,343 and $70,024, respectively.

While various oscillators offer mixed signals, the overall sentiment leans towards optimism. The RSI at 55 indicates a neutral stance, while indicators like Stochastic, CCI, and ADX point to neutrality. However, momentum and MACD level oscillators suggest underlying bullish momentum despite prevailing bearish sentiment.

Moving averages portray a predominantly bullish outlook, with EMAs for various periods indicating upward momentum. Although the 10-period SMA signals bearish action, other SMAs align with EMAs, implying a broader bullish trend.