Market Overview

BTC/USD Gravitating As $7,500 Beckons Profusely

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BTC/USD Gravitating As $7,500 Beckons Profusely
  • Bitcoin price recovery has been forming a lower high pattern unable to break above psychological levels.
  • The best bet for Bitcoin bulls is to hold the price above $9,852.20 confluence if not $10,000.

Bitcoin may be holding above $10,000 at the moment, however, the danger of dropping to lower levels is immense. The recovery from August lows stalled unable to make headway above towards $13,000. If the support formed by the confluence at $ 9852.20 gives in to the ongoing retraction, BTC/USD will likely plunge towards $7,500.

As discussed in the market update, Bitcoin price recovery has been forming a lower high pattern. Investors continuously disappointed as BTC fails to break psychological levels. For now, the price is thinning towards $10,000 tentative support.
From a technical point of view, the bears' grip will last longer. The price teetering below the moving averages. Similarly, the Relative Strength Index (RSI) is diving toward the overbought. The sharp drop is a key indicator for the rising selling pressure.

Moreover, the Moving Average Convergence Divergence (MACD) is holding onto the mean line. Nonetheless, it has a slightly bearish divergence signaling the sellers to increase their entries. The best bet for Bitcoin bulls is to hold the price above $9,852.20 confluence if not $10,000.

BTC/USD 4-hour chart

Image Sourced from Pixabay

Posted-In: Bitcon BTC/USDCryptocurrency News Eurozone Forex Markets General

 

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