Bitcoin

Resistance

Rekt

<p style="text-align: justify">You can also read this news on BH NEWS: <a href="https://en.bitcoinhaber.net/why-is-bitcoin-facing-resistance" data-wpel-link="internal" rel="noopener noreferrer nofollow">Why is Bitcoin Facing Resistance?</a><br></p>
<p style="text-align: justify">Bitcoin (BTC), the market leader, experienced a decline after reaching a peak of $69,000. Analysts are examining the reasons behind this pullback and offering insights into the cryptocurrency’s <a href="https://newslinker.co" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="exclude">future</a>. Since the halving event in April, Bitcoin has fluctuated between $58,000 and $72,000.</p>
<h2 id="resistance-level-in-btc">Resistance Level in BTC</h2>
<p style="text-align: justify">Prominent crypto market analyst Rekt Capital suggests that the current price range signals Bitcoin is retesting a region that previously formed strong resistance during past all-time highs. This area appears to support BTC, as the ongoing sales have not forced the price significantly below this level. Another analyst, Moustache, concurs, presenting a three-week BTC/USD chart that indicates Bitcoin is trading just above the 0.5 line.</p>
<p style="text-align: justify">Moustache’s analysis leverages the Elliot Wave Oscillator methodology applied over the moving average BTC golden base. The resulting oscillator helps detect the trend’s health in Bitcoin’s price movement, providing a clearer picture of the market’s behavior.</p>
<h2 id="expert-opinion-on-btc">Expert Opinion on BTC</h2>
<p style="text-align: justify">According to senior <a href="https://en.bitcoinhaber.net/sec-readies-spot-eth-etf-decision" data-wpel-link="internal" rel="noopener noreferrer nofollow">crypto analyst</a> Moustache, BTC price has only retested this line three times in the past—each instance preceded significant upward momentum. These periods in 2012, 2017, and 2020 marked the most enthusiastic phases for the cryptocurrency market.</p>
<p style="text-align: justify">In a recent post dated June 12, Moustache reiterated his views, noting that a similar setup with the BBWP indicator suggests BTC might experience a surge after retesting the line. He pointed out that the volatility indicator has consistently shown an upward trend above the EMA 20-Line.</p>
<h2 id="key-insights-for-investors">Key Insights for Investors</h2>
<p style="text-align: justify">Investors can infer several actionable points from the analysts’ assessments:</p>
<ul>
 <li>Bitcoin’s current price range is a critical resistance level that has historically preceded significant price increases.</li>
 <li>Retesting this resistance line may signal an upcoming bullish trend, similar to past occurrences in 2012, 2017, and 2020.</li>
 <li>The Elliot Wave Oscillator and BBWP indicators are valuable tools for predicting Bitcoin’s market movement.</li>
 <li>Maintaining an eye on BTC’s interaction with the EMA 20-Line can provide early indications of future price surges.</li>
</ul>
<p style="text-align: justify">In conclusion, the current price dynamics and historical patterns suggest that Bitcoin is at a pivotal point. Analysts believe that if BTC remains above the key resistance level, it could herald a renewed upward trend, offering potential opportunities for <a href="https://finance.coin-turk.com/" rel="noopener noreferrer nofollow" target="_blank" data-wpel-link="exclude">investors</a>.</p>
<h5><span style="font-weight:bold;font-size:16px">The post first appeared on BH NEWS: </span> <a href="https://en.bitcoinhaber.net/why-is-bitcoin-facing-resistance" data-wpel-link="internal" rel="noopener noreferrer nofollow">Why is Bitcoin Facing Resistance?</a></h5>

Why is Bitcoin Facing Resistance?

Table of Contents

BH NEWS

Other articles published on Jun 14, 2024

Bitcoin Miners Increase Sell-Off Amid Price Fluctuations and Revenue Decline

Fed’s Actions Hit Crypto Prices

MicroStrategy Doubles Down on Bitcoin with $700 Million Convertible Note Offering

Altcoins: Shiba Inu, Chainlink, Ethereum Exchange Reserve Plunges, Price To Recover?

SHIB Burn Rate Soars To 863.58% With SHIB Showing Mixed Signals

Investors Unveil June’s Best Crypto Picks for Massive Returns; ETH and BTC Do Not Make The List

Join our free newsletter for daily crypto updates!