Bitcoin, the pioneer of the cryptocurrency market, has seen a decline in its value following a surge to $69,000. What factors have contributed to this drop in the digital currency’s price? What insights do experts offer regarding Bitcoin’s current situation? Since the halving in April, Bitcoin has been fluctuating between $58,000 and $72,000.
Resistance Level in Bitcoin
Renowned crypto market analyst Rekt Capital suggests that the current price range indicates a retest of a strong resistance zone that was established during previous all-time highs. By accessing NEWSLINKER, you can stay up-to-date with the latest technology news.
According to Rekt Capital, Bitcoin is finding support in this particular range as consistent selling pressure has not pushed the price significantly below it. Another analyst, Moustache, also shares this perspective. He recently posted a BTC/USD chart spanning three weeks, revealing that Bitcoin is currently trading slightly above the 0.5 line.
The Elliot Wave Oscillator method applied to the moving average of Bitcoin’s golden base, along with the resulting EVO’s relative strength index, is an indicator used to gauge the health of Bitcoin’s price trend.
Expert Insights on Bitcoin
Senior crypto analyst Moustache notes that Bitcoin has only retested this level three times in the past, with each instance resulting in significant upward momentum for the leading cryptocurrency. He stated:
In a previous post on June 12, Moustache highlighted a similar setup of the BBWP indicator and predicted a bullish trend for Bitcoin following the retest of this critical level, adding:
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Disclaimer: The information presented in this article is not intended as investment advice. Investors should be aware that cryptocurrencies are highly volatile and carry inherent risks, and should conduct their own thorough research before making any investment decisions.
