Bitcoin Bears Ramp Up Selling Pressure as Weekly Close Looms; Factors & Trends
Bitcoin and the aggregated crypto markets have been facing increased volatility as of late, and following a sharp move towards $11,000 yesterday, BTC has been unable to garner any significant buying pressure and has been drifting lower.
Bitcoin Drifts Lower After Sharp Rejection at $11,000
Currently, it does appear that BTC is finding some support around $10,400, but it is highly unlikely that the cryptocurrency incurs any significant buying pressure until it drops towards $10,000, which remains a key psychological price level for the crypto.
— Big Cheds (@BigCheds) July 21, 2019
BTC Daily EMAs Form Bear Cross; Are Further Losses Imminent?
Chonis Trading, another popular crypto analyst on Twitter, spoke about this formation in a recent tweet, noting that bulls have historically ramped up the buying pressure in an effort to stop this pattern from forming.
“$BTC – daily EMA’s 12,26 once again in an intra-day Bear cross…the #bitcoin Bulls we able to step in a few days ago and save it…if it closes this way it would be the first time since February, and would be very notable,” he explained.
$BTC – daily EMA’s 12,26 once again in an intra-day Bear cross…the #bitcoin Bulls we able to step in a few days ago and save it…if it closes this way it would be the first time since February, and would be very notable… pic.twitter.com/u3Em6jcTXa
Although it remains unclear as to whether or not bears will soon take full control of Bitcoin and send its price reeling lower, it is important to note that it is still trading well off of its weekly lows of $9,100.
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