Bears crack bullish staunch defense of $5.23 support level amidst Bitcoin dip under $29k.
dip under the $29k price level gave bears the opportunity to flip the $5.23 level to resistance. Will this prompt a reaction from the bulls?The stiff resistance put up by bears at the bearish order block between $5.6 to $5.9 severely hampered the bullish rebound from the June low of $4.24. The most recent price rejection at the bearish OB saw DOT dip to the key support level.
With the price action at the support level hinting at discouraged buyers, bears seized the opportunity to break below the key support over the past 48 hours. The sharp dip of the Relative Strength Index over the past three days highlighted the waning buying pressure. Similarly, the Moving Average Convergence Divergence remained under the zero mark after posting a bearish crossover.
A little glimmer of hope lies for bulls at the $4.8 to $5 price zone. However, if bears push past this hurdle, they can extend their gains to the lows of $4.2 to $4.5.? The bearish momentum was highlighted by shorts holding onto a greater share of the open contracts for DOT. A look at the exchange long/short data fromThis suggested a likelihood of bears clearing the $5 hurdle with the price action titled in favor of sellers.
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