RATE Group | Bitcoin (BTC) Price Watch: Make-or-Break Area of Interest
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Bitcoin (BTC) Price Watch: Make-or-Break Area of Interest

26 Jul Bitcoin (BTC) Price Watch: Make-or-Break Area of Interest

Posted at 06:52h in Bitcoin News by

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Bitcoin Price Key Highlights

  • Bitcoin price has been on a tear lately but appears to be hitting a strong upside roadblock around $8,000.
  • This is around the top of its descending channel visible on the 4-hour and daily time frames.
  • If the resistance holds, the Fib extension tool shows the next potential downside targets.

Bitcoin price appears to be encountering some bearish pressure at current levels and might be forced to retreat from its climb.

Technical Indicators Signals

The 100 SMA is below the longer-term 200 SMA to indicate that the path of least resistance is to the downside. In other words, there’s still a stronger chance for the selloff to resume than to reverse. The 200 SMA also coincides with the descending channel top, adding to its strength as a ceiling.

Also, this area is in line with the 61.8% retracement on the latest slide, so there’s a good chance that sellers may be waiting right here. RSI is already indicating overbought conditions and looking ready to turn south,…

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