RATE Group | Bitcoin (BTC) Price Watch: Kashkari Comments Bring Sellers In
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Bitcoin (BTC) Price Watch: Kashkari Comments Bring Sellers In

23 May Bitcoin (BTC) Price Watch: Kashkari Comments Bring Sellers In

Posted at 05:59h in Bitcoin News by

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Bitcoin Price Key Highlights

  • Bitcoin price resumed its drop as price is now breaking past the mid-range area of interest.
  • This could put it on track towards testing the range floor at the $6,550 level.
  • Technical indicators are confirming that selling pressure is still in play.

Bitcoin price seems poised for more losses as it reeled from Kashkari’s remarks and is setting its sights on the range bottom.

Technical Indicators Signals

The 100 SMA is below the longer-term 200 SMA to signal that the path of least resistance is to the downside. This means that the selloff is more likely to continue than to reverse.

The 100 SMA also seems to have held as dynamic resistance and would likely keep further gains in check in another pullback. The gap between the two moving averages is also widening to reflect strengthening bearish pressure.

RSI is pointing down to confirm that sellers are in control and could further weigh on bitcoin price. Similarly stochastic is on the move down to show that bearish…

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