RATE Group | BTC/USD fails to stay above the $7,500 level as market remains fearful
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BTC/USD fails to stay above the $7,500 level as market remains fearful

25 Apr BTC/USD fails to stay above the $7,500 level as market remains fearful

Posted at 01:04h in Bitcoin News by

  • BTC/USD bulls and bears maintained a back-and-forth throughout Friday to take control of the market.
  • The fear and greed index shows that the BTC/USD market is currently experiencing “extreme fear.”

BTC/USD daily chart

BTC/USD daily chart

BTC/USD dropped from $7,510.78 to $7,477.75 as the bears took control after four consecutive bullish days. The price has encountered resistance at the upper curve of the 20-day Bollinger Band. The Bollinger jaw is widening as well, which indicates increasing price volatility. The Elliott Oscillator shows three straight green sessions. The $7,373 support level needs to hold strong to prevent further downward movement.

BTC/USD 4-hour chart

BTC/USD 4-hour chart

The 4-hour chart is trending in a flag formation as bulls and bears engaged in a back and forth. The bulls failed to breach resistance at $7,586.92 and then later on at $7,534.30. The MACD line is about to cross over the signal, indicating a reversal of bullish momentum. The RSI indicator is trending along…

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