Bitcoin
Bitcoin May Not Break Above $67,000, This Is Where BTC Price Is Heading This Month
Bitcoin bears appear to have executed their trade perfectly as the price again failed to overcome key resistance at $71,500. As a result, the price fell by more than 7% and is expected to continue falling, as it did during previous rallies. Therefore, the price may now fall another 7% to 10% and bottom at the same levels, exhibiting imperishable behavior at resistance.
Being divergent after the consequences of April, the BTC Price began its recovery within an ascending parallel channel. Traders appeared to be confident regardless of bearish pressures until levels remained within the pattern. Unfortunately, the selling pressure, which overcame the bullish activity in recent days, caused the price to fall below the channel, circulating bearish waves in the markets.
Therefore, now that the price has failed to rise above the key resistance, it is time for the Bitcoin Price test key support at $60,000? Are bulls unsure about the next price action?
The daily chart suggests that the price has broken out of the ascending channel, but it also brings the possibility of a bullish reversal. As occurred in the first days of May, it can be assumed that the price of BTC will undergo an upward divergence. However, the downtrend may continue as bears have already attempted to drag the levels below local support at $65,000. Additionally, techies don’t seem to be in favor of encryption at the moment.
The RSI turned bearish after rejection at $71,500 and continues to head south. The strength of the bull does not seem to surpass that of the bears, as they hold sufficient dominance, as suggested by the power of the bull-bear. Lastly, the purchasing volume remains within a restricted range, so the selling population appears to have a large head count. Hence, this suggests that Bitcoin (BTC) price may not exhibit a false collapse, but may not be able to sustain itself after holding for a while.
Collectively, bearish clouds are hanging over the BTC price rally, which could bring levels back to the same range of around $60,000 soon.
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