RATE Group | Bitcoin (BTC) Price Watch: Still Waiting for Directional Clues
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Bitcoin (BTC) Price Watch: Still Waiting for Directional Clues

13 Aug Bitcoin (BTC) Price Watch: Still Waiting for Directional Clues

Posted at 06:05h in Bitcoin News by

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Bitcoin Price Key Highlights

  • Bitcoin price is trending below a short-term descending trend line as it hovers at the long-term floor.
  • Traders are likely waiting for the next catalysts to decide which direction the breakout could take.
  • Technical indicators appear to be suggesting a slowdown in bullish momentum soon.

Bitcoin price is still trending lower on the short-term time frame but buyers are defending the long-term floor.

Technical Indicators Signals

The 100 SMA is still above the longer-term 200 SMA but is gearing up for a bearish crossover to signal a pickup in selling momentum. In that case, price could have stronger odds of breaking below the $6,000 support zone and trending lower.

Price is also moving below a short-term descending trend line, which is keeping near-term gains in check. A break past this level could still encounter some selling pressure at the dynamic inflection points on the moving averages.

RSI is turning higher after previously climbing out of the oversold area,…

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