RATE Group | Bitcoin Price Caught Between Key Support Levels as Bearish Sentiment Grows
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Bitcoin Price Caught Between Key Support Levels as Bearish Sentiment Grows

27 May Bitcoin Price Caught Between Key Support Levels as Bearish Sentiment Grows

Posted at 04:38h in Bitcoin News by

Bitcoin (BTC) price had a relatively muted day as the digital asset traded between $8,700-$8,885. 

Currently, the price remains below the ascending channel trendline and the daily candle closed as a neutral doji, showing bulls and bears are in contention on the direction Bitcoin will take over the short-term. 

Crypto market weekly price chart. Source: Coin360

As the price searches for direction and its dominance rate drops from 67% to 65.5%, a handful of altcoins continued a multi-day streak of impressive double digit rallies. 

Despite Bitcoin price finding difficulty in reclaiming $9,000 and re-entering the ascending channel  Cointelegraph reported that the majority of top traders at Binance remain long on the top ranked digital asset on CoinMarketCap and a number of large cap altcoins.

Investor sentiment takes a knock

Interestingly, data from TheTIE, a crypto-oriented alternative data provider, shows that investors are growing increasingly bearish about the short-term price…

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