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Bitcoin Fails To Rise Back To $100k
The price of Bitcoin has not been able to recover to the $100,000 mark. Despite the recent efforts by the cryptocurrency market to stabilize, the momentum of the previous downturn continues to weigh on the asset’s value.
In this article, we will analyze the current chart data and provide insights into what can be expected in the future.
The chart suggests that the cryptocurrency is currently trading at $97,536, attempting to move higher. However, the presence of Moving Average 200 serves as a barrier to growth, as the active resistance here indicates the potential for a sudden drop.
Despite the recent gain, the RSI has not been able to enter the overbought zone, and the danger of a pullback remains. If the market fails to generate sufficient buying volume, it is possible that the MA 200 could push the price back down again.
In the past, the cryptocurrency received support around $92k due to the presence of Moving Average 200. However, for such support to be re-established, it would require a sudden spike in the opposite direction to liquidate the short traders with bad risk management.
The market is currently uncertain, and we cannot rule out the possibility that Bitcoin could fall further, potentially even to $90k, resulting in a panic sell and subsequently causing altcoins to follow suit.
It will be interesting to see how the market reacts in the coming days.
Source: coinpedia.org
