Bitcoin (BTC), the king of the markets, has taken a hit after reaching a high of $69,000. What’s causing the cryptocurrency to decline? What are experts saying about the future of Bitcoin? The top cryptocurrency Bitcoin has been fluctuating between $58,000 and $72,000 following the halving in April.
Resistance Level in BTC
Renowned crypto market analyst Rekt Capital believes that the current price range suggests that BTC is retesting a strong resistance zone that was formed during its previous all-time highs. He suggests that ongoing selling pressure has not been able to push the price significantly below this range, a sentiment echoed by another analyst, Moustache, who presented a three-week BTC/USD chart showing Bitcoin trading just above the 0.5 line.
Expert Opinion on BTC
Using the Elliot Wave Oscillator methodology on the moving average BTC golden base, experts are closely monitoring the relative strength index to determine the trend health in Bitcoin’s price. Senior crypto analyst Moustache points out that BTC has only retested this line three times in the past, with each retest leading to significant upward momentum for the cryptocurrency.
In a recent post, Moustache highlighted a similar setup of the BBWP indicator, predicting a surge in BTC price after retesting the line. Investors are advised to conduct their own research and be aware of the high volatility associated with cryptocurrencies before making any investment decisions. Stay updated with the latest technology news on NEWSLINKER and follow us on Telegram, Facebook, Twitter, and Coinmarketcap for more updates.
