RATE Group | Bitcoin (BTC) Price Watch: Bears Return in Full Swing!
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Bitcoin (BTC) Price Watch: Bears Return in Full Swing!

05 Jun Bitcoin (BTC) Price Watch: Bears Return in Full Swing!

Posted at 04:59h in Bitcoin News by

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Bitcoin Price Key Highlights

  • Bitcoin price recently broke out of a descending trend line and is pulling back for a retest.
  • Price is at a crucial area of interest, though, and a bounce or break could determine the next long-term direction.
  • If these support levels hold, bitcoin could bounce back to the swing high and resume the reversal.

Bitcoin price is pulling back to an area of interest after breaking above a longer-term descending trend line.

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. This suggests that the uptrend is more likely to resume than to reverse. However, price has fallen below the longer-term 200 SMA as an early indicator that bearish momentum is kicking in.

RSI is indicating oversold conditions, though, so a bounce may be in order. Stochastic has already climbed out of the oversold area to show that buyers are ready to return. A larger pullback to the broken trend line closer to the…

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