Bitcoin fails to tackle resistance; Will BTC regain its lost glory?

Bitcoin fails to tackle resistance; Will BTC regain its lost glory?

The market leader is now in line for a final indication towards positive movement from current levels. For a long time, BTC has maintained a consolidative and defensive price action, barely being able to tackle the resistance levels. The pullback consolidation and support from the lower band near $18,000 is adding positive strength to this token.

The market capitalization of Bitcoin is hovering closer to USD 400 Billion. Failure to hold gains made above $21,000 is creating a decline in demand for BTC tokens. The previous set objective of reaching $100,000 seems far but possible.

Bitcoin is struggling to overcome the selling pressure of around 100 EMA; prolonging consolidation showcases the buying sentiment. Surpassing 100 EMA could create a fear of missing out and propel a Dogecoin-like super rally. Technicals are bullish, but opportunities for marking multiple gains are limited. 

BTC PRICE CHART

With the 100 EMA curve trading around $21,200, the outlook for Bitcoin remains hold and watch. Once this major price action hindrance is removed, an upside could be possible for this token. Short-term technical indicators are trading in bullish territory, with RSI moving above 60 and MACD operating on bullish turf.

The transactional volume of Bitcoin seems to be suffering, but a sudden reversal of its sentiment can further create a buying spree in a short duration. Historically since May 2022, BTC has failed to mark a breakout above the 100 EMA curve, which is a much-needed dosage to re-ignite the positive sentiment in a heavily beaten-down cryptocurrency such as BTC. Compared to its peak value of $67,000, the last traded value of $20,760 creates a tremendous upside potential to reach this peak value.

wpseo_editor
Jennifer Schreiber is certified Crypto Analyzer. She has completed her graduation from Cazenovia College. She works as an analyzer for our team and makes the latest bitcoin news related to the bitcoin price , fluctuations in prices and to be updated socially. you can contact her at : <a href="mailto:don@bitcoinprice.fun">don@bitcoinprice.fun</a>

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

bitcoin
Bitcoin (BTC) $ 16,579.50 0.04%
ethereum
Ethereum (ETH) $ 1,218.34 0.13%
tether
Tether (USDT) $ 1.00 0.02%
bitcoin-cash
Bitcoin Cash (BCH) $ 113.28 0.61%
litecoin
Litecoin (LTC) $ 77.87 0.25%