RATE Group | Bitcoin (BTC) Price Analysis: Closing in on Major Support Zone
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Bitcoin (BTC) Price Analysis: Closing in on Major Support Zone

07 Sep Bitcoin (BTC) Price Analysis: Closing in on Major Support Zone

Posted at 06:19h in Bitcoin News by

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Bitcoin had a pretty steep drop in the past 24 hours, taking price close to the long-term floor around $6,000 once more. A bounce off this area could lead to another test of nearby resistance levels or even stronger bullish momentum as many are hoping to buy on dips.

The 100 SMA is still above the longer-term 200 SMA to confirm that the path of least resistance is to the upside. In other words, the uptrend is more likely to resume than to reverse. However, price has fallen below the moving averages to reflect a bit of bearish momentum.

RSI is indicating oversold conditions or that sellers are feeling exhausted, and turning higher could encourage buyers to return. Similarly stochastic looks ready to pull up from oversold levels and reflect a return in bullish momentum.

Bitcoin has had a rough ride in the past few days, owing mostly to a set of negative updates. For one, it has been reported that Goldman Sachs might ditch its plans to offer a bitcoin trading desk. Although this was…

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