Bitcoin (BTC) Price Analysis: Bears Waiting at Channel Top – Ethereum World News
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Bitcoin is hitting resistance at its descending channel and may resume the druppel.
Bitcoin has bot trading inwards a descending channel for finta some time and is presently testing the resistance at $6,800. If this proceeds to hold, price could fall back to the channel bottom or the Fibonacci extension levels marked on the chart.
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The 38.2% extension is close to the mid-channel area of rente and could still spur a bounce. The 50% level is closer to the $6,000 major psychological support and the 78.6% Fib is near the bottom of the channel at $Five,600. Stronger selling pressure could take it down to the utter extension at $Five,268.40.
The 100 SMA is below the longer-term 200 SMA to signal that the path of least resistance is to the downside. This suggests that the selloff is more likely to resume than to switch roles. The 100 SMA is close to the channel top spil well, adding an toegevoegd layer of resistance on another bounce higher.
RSI is turning down from overbought levels to reflect a pickup ter selling pressure. Stochastic also seems to be moving back down without hitting overbought territory to signal that sellers are antsy to terugwedstrijd. A budge past the channel top, on the other mitt, could lead to a test of the 200 SMA dynamic inflection point.
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Bitcoin recently drew support from news that the Fresh York FSA talent a license to Square’s Metselspecie mobile app, which would permit its clients te the state to trade bitcoin from their smartphones. This would bring more liquidity and volumes, chic from indicating a positive update te the industry te a long time.
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However, the US dollar remained supported spil safe-haven flows resumed on Trump’s threat to impose more tariffs on $200 billion worth of Chinese goods. This has already dampened investor sentiment on Wall Street, particularly for stocks of companies that have business with China, and it wouldn’t be a verrassing if it weighs on overall risk appetite.