RATE Group | Bitcoin (BTC) Price Watch: Sharp Selloff on South Korea Update
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Bitcoin (BTC) Price Watch: Sharp Selloff on South Korea Update

01 Aug Bitcoin (BTC) Price Watch: Sharp Selloff on South Korea Update

Posted at 11:22h in Bitcoin News by

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Bitcoin Price Key Highlights

  • Bitcoin price broke below its short-term triangle consolidation and rising channel to pave the way for a larger pullback.
  • The Fibonacci retracement tool shows the potential support levels where buyers could be waiting.
  • Price might also be forming a larger ascending channel on its 4-hour time frame as indicators still support an uptrend.

Bitcoin price was unable to sustain the climb after previously consolidating, as a larger correction seems necessary.

Technical Indicators Signals

The 100 SMA is safely above the longer-term 200 SMA to indicate that the path of least resistance is to the upside. Although price already broke below the 100 SMA dynamic support to signal a pickup in bullish pressure, the gap between the moving averages is still wide enough to suggest that there’s no imminent threat of a bearish crossover.

Bitcoin price could move on to testing the 200 SMA dynamic inflection point next, and this lines up with the 61.8% Fibonacci retracement level…

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