RATE Group | Bitcoin extends sideways grind near $7,500
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Bitcoin extends sideways grind near $7,500

08 Dec Bitcoin extends sideways grind near $7,500

Posted at 08:34h in Bitcoin News by

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  • Bitcoin struggles to find direction after encountering support near $6,500.
  • Technical indicators for BTC confirm netural outlook in near-term.

Bitcoin’s (BTC) sharp drop at the end of November met strong support near $6,500 handle and allowed it to stage a modest recovery. However, BTC lost its recovery momentum before reaching the critical $8,000 handle and has been struggling to set its next short-term direction since then. As of writing, BTC was virtually unchanged on a daily basis at $7,500.

Technical outlook

Technical indicators for BTC confirm the biggest cryptocurrency’s near-term neutral outlook. The Relative Strength Index (RSI) on the daily chart is moving sideways a little below the mid-point of 50 and a symmetrical triangle, which shows the market’s indecisiveness, seems to be forming on the same chart. The only slightly-bullish sign is the fact that BTC closed the day above the 20-day moving average (MA) for the first time since in nearly a…

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