Bitcoin

The post <a href="https://coinpedia.org/price-analysis/bitcoin-bears-may-be-invincible-while-bulls-appear-to-have-a-discrete-stratergy-heres-what-may-happen-next/">Bitcoin Bears May Be Invincible: While Bulls Appear to Have a Discrete Stratergy! Here’s What May Happen Next</a> appeared first on <a href="https://coinpedia.org">Coinpedia Fintech News</a> 
<a href="https://markets.coinpedia.org/bitcoin/" target="_blank" rel="noreferrer noopener">Bitcoin price</a> is trading within the same crucial resistance after failing to sustain above the newly formed ATH at $69,000. The selling pressure piled up as the price headed towards its ATH and as expected, it experienced a significant pullback below $60,000. A $10,000 drop in just a few hours indicates that some traders are uncertain of the <a href="https://coinpedia.org/price-prediction/bitcoin-price-prediction/" target="_blank" rel="noreferrer noopener">BTC price</a> maintaining a strong upswing and marking new highs.&nbsp; 
Although the price appears to have recovered to some extent, the bearish influence may hold the token. Therefore, the probability of another pullback appears pretty high, as the technicals do not seem to favour crypto.&nbsp;At this point, is there something to be worried about? Will the BTC price continue to plunge?&nbsp; 
<a href="https://coinpedia.org/price-analysis/whats-next-for-the-bitcoin-price-rally-will-it-breakout-through-the-ath-or-undergo-a-minor-pullback/" target="_blank" rel="noreferrer noopener">As covered in our previous composition</a>, the BTC price plunged as it marked a new ATH without triggering a strong rebound. The bulls appear to be taking their own time to recover, which indicates they expect another pullback from the local support.&nbsp; 
<figure class="wp-block-image">
 <img decoding="async" src="https://lh7-us.googleusercontent.com/7PHKHxW1lxoTrb1iWbmIVLKClVQpiMmKrD9JOwY__a1StKxtRFpSP8oDHlaaEh2hSzBDC1uX0em0U2zkkderVZqBgUbkCE7_sLVDb9QiDs8-k_mzmcynQtgm9k8sXY75mnmilxLKFok9vRN0hXnFD7o" alt="">
</figure> 
The weekly chart of the BTC price suggests the token is stuck within the pivotal resistance levels. Hence, the trade for the next few days until the weekly close may be extremely crucial for Star Crypto. The bulls are trying hard for a bullish weekly close for which the price is required to sustain between $68,500 and $69,000. If the bears successfully restrict the price below $67,500, then the bearish trajectory could be validated, which may offer the traders a final opportunity to ‘buy at the dips’.&nbsp; 
Also Read: <a href="https://coinpedia.org/price-analysis/bitcoin-price-finally-reaches-new-all-time-high-breaking-69000-is-btc-aiming-for-100k-next/">Bitcoin Price Finally Reaches New All-Time High, Breaking $69,000! Is BTC Aiming For $100K Next?</a> 
Considering the current trade setup and technicals, a minor pullback appears to be on the horizon. The RSI has already been marked above the upper threshold, which suggests the bulls may lose their strength in defending the local support at $66,500. This may lead to another drop below $60,000, while the rebound may consume some more time than required. Besides, the DMI is swinging between bullish and bearish pressure, and currently appears to be bewildered about the next action.&nbsp; 
However, the ADX, or average directional index, is close to the upper limit, which indicates a short-term bearish action is more viable. Therefore, the Bitcoin (BTC) price is believed to triggered another drop before rising back above the newly formed ATH at $69,000.

Bitcoin Bears May Be Invincible: While Bulls Appear to Have a Discrete Stratergy! Here’s What May Happen Next

CoinPedia News

2024년 3월 6일에 게재된 다른 기사

Coinbase advocates for reevaluation of crypto as securities in legal clash with SEC

Bitcoin (BTC) Price Prediction: Is a New All-Time High Coming in March? Keep an Eye on These Two ...

Bitcoin and Crypto Market Latest Update

XRP’s Market Trajectory: A Tug of War Between Bullish Trends and Whale Activity

Why is crypto down today? The market cooldown

WOOFi Swap Hack: Flash Loan Exploit Steals $8.5 Million in WOO Tokens

무료 뉴스레터에 가입하여 매일 최신 암호화폐 소식을 받아보세요!