Bitcoin Extends Pullback as Selling Pressure Strengthens
Bitcoin (BTC/USD) is continuing its pullback as it encounters additional bearish momentum. The selling pressure has recently intensified around the 28288.88 level. During the depreciation, stops were triggered below the 27591, 27426, and 27401 levels, which are retracement levels related to the recent climb from the 27160 area. Traders are closely watching significant technical levels around 27298, 27194, 26988, 26756, 26546, and 26318 as downside risks increase.
There are downside price objectives where stops are accumulating including the areas at 24155, 23270, 23204, 23164, 22949, 22028, 21496, 21242, and 20702.
Technical Resistance and Selling Pressure Levels
The market also faces technical resistance and potential selling pressure at levels such as 28934, 29228, 29665, 29964, 30053, and 30222. Stops can be found above the areas of 30178 and 31862. Technicians are keeping an eye on three significant technical levels: 29514, 23438, and 20195. These levels relate to selling pressure observed at the levels of 69000, 59249, and 52100.
Traders note that the moving averages (MA) indicate bullish signals. The 50-bar MA (4-hourly) is above both the 100-bar MA (4-hourly) and the 200-bar MA (4-hourly). Similarly, the 50-bar MA (hourly) is above both the 100-bar MA (hourly) and the 200-bar MA (hourly).
Key Price Levels and Technical Indicators
The price activity is closest to the 50-bar MA (4-hourly) at 27659.33 and the 200-bar MA (hourly) at 27647.61.
Technical support is expected around 24440.41, 23270.10, and 22769.39, with stops anticipated below these levels. On the other hand, technical resistance is expected around 31986.16, 32989.19, and 34658.69, with stops projected above them.
Technical Analysis Indicators
On the 4-hourly chart, SlowK is bearishly below SlowD, while MACD is bearishly below MACDAverage. Similarly, on the 60-minute chart, SlowK is bearishly below SlowD, and MACD is bearishly below MACDAverage.
Hot Take: Bitcoin Faces Increased Selling Pressure
Bitcoin continues to face selling pressure as it extends its pullback. The market is encountering bearish momentum, leading to stops being triggered at various levels of retracement. Traders are closely monitoring key technical levels as downside risks expand. Additionally, there are areas of technical resistance and potential selling pressure that need to be considered.
The moving averages provide bullish signals, but it remains crucial to keep an eye on significant technical levels and indicators for a more accurate assessment of market conditions.
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