RATE Group | Bitcoin (BTC) Price Watch: Will Resistance Hold or Fold?
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Bitcoin (BTC) Price Watch: Will Resistance Hold or Fold?

05 Sep Bitcoin (BTC) Price Watch: Will Resistance Hold or Fold?

Posted at 06:33h in Bitcoin News by

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Bitcoin Price Key Highlights

  • Bitcoin price has been on a steady climb recently and is closing in on a nearby resistance level.
  • Price is still trading inside a falling wedge pattern on its daily chart and is about to test resistance around $7,500.
  • Technical indicators suggest further bearish pressure, but there are some signs of bullish momentum.

Bitcoin price is gearing up to test the top of its daily falling wedge, and technical indicators suggest that bears could return here.

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 a stronger chance for the selloff to resume than to reverse. The gap between the moving averages is pretty steady so there seems to be no threat of a crossover just yet.

Price has also moved past the 100 SMA dynamic inflection point to signal stronger bullish pressure and may be gearing up for a test of the next dynamic resistance at the 200 SMA next….

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