RATE Group | BTC/USD flag pattern signals return to $5,000
83884
post-template-default,single,single-post,postid-83884,single-format-standard,ajax_fade,page_not_loaded,,qode_grid_1300,side_area_uncovered_from_content,footer_responsive_adv,qode-content-sidebar-responsive,qode-child-theme-ver-1.0.0,qode-theme-ver-13.3,qode-theme-bridge,wpb-js-composer js-comp-ver-7.9,vc_responsive
 

BTC/USD flag pattern signals return to $5,000

23 Mar BTC/USD flag pattern signals return to $5,000

Posted at 03:24h in Bitcoin News by

[ad_1]

  • Bitcoin price failed to break above $7,000 during the recovery on Friday; bulls now struggle to hold above short term $5,800 support.
  • Technical levels and the formed bearish flag pattern hint that BTC/USD is doomed to return to $5,000 in the coming days.

Bitcoins price staged a recovery on Friday last week where it closed in on $7,000. However, the anticipated jump above $7,000 failed to materialized, allowing the sellers to get back into the driver seat. Over the weekend, Bitcoin continued with the retreat under $6,000. At the time of writing, BTC/USD is trading at $5,852 following a 5.53% loss in the last 24 hours and a 0.48% gain on the day.

Selling pressure is still high in the crypto market amid skepticism that recovery is possible. However, a semblance of stability means that volatility levels witnessed in the past two weeks are unlikely to reoccur.

Bitcoin price recovery has been very erratic in the last couple of weeks. $7,000 has come out as the key…

[ad_2]

Source link

Tags:
, , , , ,