Bitcoin Price Analysis: BTC/USD trends in an upward channel but struggles to cross over SMA 50
|- BTC/USD fell from $7,371 to $7,295 this Thursday.
- The RSI indicator has settled around 57.40.
BTC/USD daily chart
BTC/USD encountered resistance at the SMA 50 curve and charted two consecutive bearish days. The price of the asset has fallen from $7,295 to $7,241.35 in the early hours of Friday. Despite bearish action, the price is still trending in an upwards channel formation. If the bears want to continue their momentum, they will need to break support at $6,949.16 and then $6,629.67 to fall below the channel formation. The 20-day Bollinger jaw expands slowly, indicating an increase in price volatility. The RSI is trending horizontally around the 57.40 mark.
Key levels
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