RATE Group | Bitcoin (BTC) Price Watch: Bearish Pullback Underway?
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Bitcoin (BTC) Price Watch: Bearish Pullback Underway?

13 Sep Bitcoin (BTC) Price Watch: Bearish Pullback Underway?

Posted at 06:46h in Bitcoin News by

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Bitcoin Price Key Highlights

  • Bitcoin price appears to be gaining a bit more traction on its bounce off the triangle support.
  • Price could be ready to test the triangle resistance again, and this lines up with the 61.8% Fib level.
  • Technical indicators are suggesting that the rallies could go on for a bit longer.

Bitcoin price seems to have found support at the bottom of the descending triangle and may be ready to test the top again.

Technical Indicators Signals

The 100 SMA is above the longer-term 200 SMA to signal that the path of least resistance is to the upside. In other words, support is more likely to hold than to break. However, it’s also worth noting that bitcoin price is currently below these levels to reflect a bit of bearish pressure.

RSI is still heading higher, though, so buyers have the upper hand. This might be enough to take bitcoin up to the triangle resistance closer to $7,000 or the 50% Fib at the $6,800 level. The 38.2% Fib is closer to the 200 SMA dynamic inflection…

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