Bitcoin (BTC) Price Watch: Make or Break Situation

Bitcoin Price Key Highlights

• Bitcoin price appears to be finding support at the bottom of its symmetrical triangle.
• Bulls continue to defend this level but a short-term downtrend channel remains intact.
• A bounce off this area could lead to a test of the channel top, and an upside break could spur a move to the triangle top.

Bitcoin price continues to hover at the major support zone, and bulls would need more momentum to sustain a bounce.

Technical Indicators Signals

The 100 SMA remains below the longer-term 200 SMA on the 4-hour time frame to confirm that the path of least resistance is to the downside. This signals that the selloff is more likely to continue than to reverse.

This could also mean that a break of the triangle support around $7,350 is imminent. The 100 SMA lines up with the top of the short-term descending channel to add to its strength as resistance while the 200 SMA adds another dynamic resistance before the top of the triangle at $9,000.

RSI is pointing up to signal that…