Crypto Blog
Bitcoin’s price has yet to reach a new all-time high amid the recent bullish run, as the sellers are defending their last line of resistance.
Yet, the sellers have defended the $69K resistance level well, as the price is getting rejected to the downside. A retest of the 200-day moving average is possible if a significant pullback occurs.The 4-hour chart indicates a clear bearish signal based on price action and momentum analysis. The market has recently created a rising wedge at the key $69K resistance zone. Yet, the RSI has displayed a clear bearish divergence with the recent price highs.
Amid Bitcoin’s recent price rise, investors are becoming increasingly optimistic that a new record high and long-term rally will soon occur. Yet, there is a slight chance that this optimism might lead to the market’s downfall.
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