RATE Group | Bitcoin (BTC) Price Watch: Sellers Picking Up Steam!
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Bitcoin (BTC) Price Watch: Sellers Picking Up Steam!

12 Jun Bitcoin (BTC) Price Watch: Sellers Picking Up Steam!

Posted at 14:15h in Bitcoin News by

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Bitcoin Price Key Highlights

  • Bitcoin price has formed lower highs and lower lows to trade inside a descending channel on its 1-hour chart.
  • Price is testing support and a bounce could take it back up to the resistance or the Fibonacci retracement levels.
  • Technical indicators are suggesting that the downtrend is likely to resume.

Bitcoin price could be due for a pullback on its downtrend as it bounces off the bottom of its descending channel.

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, the selloff is more likely to resume than to reverse. The gap between the moving averages is also widening to reflect strengthening bearish pressure.

In addition, the 100 SMA lines up with the 61.8% Fibonacci retracement level at $7,289 to add to its strength as a ceiling. The 50% level is closer to the former swing low around $7,200 so this might also keep gains in check.

RSI is still heading up so…

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