RATE Group | Bitcoin (BTC) Price Watch: Hovering at Make-or-Break Levels
37934
post-template-default,single,single-post,postid-37934,single-format-standard,ajax_fade,page_not_loaded,,qode_grid_1300,side_area_uncovered_from_content,footer_responsive_adv,qode-content-sidebar-responsive,qode-child-theme-ver-1.0.0,qode-theme-ver-13.3,qode-theme-bridge,wpb-js-composer js-comp-ver-7.9,vc_responsive
 

Bitcoin (BTC) Price Watch: Hovering at Make-or-Break Levels

07 Aug Bitcoin (BTC) Price Watch: Hovering at Make-or-Break Levels

Posted at 05:39h in Bitcoin News by

[ad_1]

Bitcoin Price Key Highlights

  • Bitcoin price is still in correction territory as it hangs around the area of interest around $6,800 to $7,000.
  • Several inflection points are in confluence on this area, and a bounce could allow the uptrend to resume.
  • However, a break below this key level could mean a continuation of the longer-term selloff.

Bitcoin price continues to test the area of interest where bulls are expected to join in and confirm that it has bottomed out.

Technical Indicators Signals

The 100 SMA is above the longer-term 200 SMA still, indicating that the path of least resistance is to the upside. In other words, there’s still a strong chance for the uptrend to resume. However, the gap appears ready to narrow, possibly indicating slower bullish momentum.

Price is also starting to break below the 61.8% Fibonacci retracement level and the $7,000 major psychological mark, which means that bullish energy at that area still isn’t strong enough to let the climb resume. The line in the…

[ad_2]

Source link

Tags:
, , , , , ,