Bitcoin (BTC) Price Watch: Still Some Selling Pressure Left?

Bitcoin Price Key Highlights

  • Bitcoin worth continues to be consolidating inside its falling wedge sample seen on the every day timeframe.
  • Price tumbled sharply upon hitting resistance and is setting its sights again on the underside.
  • There’s additionally robust assist across the $6,000 mark, which explains why bitcoin worth is consolidating right here.

Bitcoin worth is presently pausing on its slide however might have yet another push decrease to go because it has but to check the wedge backside.

Technical Indicators Indicators

The 100 SMA is beneath the longer-term 200 SMA to point that the trail of least resistance is to the draw back. In different phrases, the selloff is extra more likely to resume than to reverse. Sustained promoting stress might take bitcoin worth to the underside of the wedge nearer to $5,700.

RSI appears prepared to show larger, although, suggesting that bulls may take over from right here and spur one other bounce to the highest. The 100 SMA may also maintain as close by dynamic resistance round $6,800 to $7,000. Sustained bullish stress might result in a transfer previous the wedge prime at $7,000 however the 200 SMA may also maintain as dynamic resistance.

Stochastic has already made it to the oversold area to sign that sellers are feeling exhausted. Turning again up might carry bullish momentum to the combination. A breakout in any route might result in a rally or selloff that’s the identical peak because the wedge formation.

BTCUSD Chart from TradingView

Market Elements

Bitcoin worth should still be on shaky floor but it surely’s additionally value noting that in instances like these, this specific digital asset tends to exert its dominance versus its rivals. This alone might be sufficient to maintain worth supported at the same time as altcoins undergo extra declines, serving as a type of safe-haven on this specific business.

In addition to, some merchants are nonetheless holding out for the SEC ruling on bitcoin ETF purposes, hoping that this might be the catalyst wanted to spur a big rebound earlier than the tip of this yr.

About Tom Greenly

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