TRENDING:
Oil price
XAU/USD
EUR/USD
GBP/USD
Silver
Sponsored by
Login
|

Bitcoin price analysis: it's hit a miss moment for BTC/USD

  • BTC/USD is about to break above Andrew's pitchfork upper line
  • Muted reaction to Bithumb hack may signal a change of sentiments.
Bitcoin price analysis: it's hit a miss moment for BTC/USD
Tanya AbrosimovaTanya AbrosimovaIndependent Analyst

BTC/USD reached a strong resistance at $6,750, created by an upper line of Andrew's pitchfork. Breaking above this line, BTC will effectively threaten the bearish trend that has been developing since the beginning of May and eaten over 30% of its value.  At the time of writing, BTC/USD is changing hands at $6,725, mostly unchanged since the start of the day, but 1% higher on daily basis. 

While the break through the above-said resistance might lead to a strong upside movement, it is not clear what can become a trigger. The latest cryptocurrency market developments signal that traders tend to see the glass half empty, however, the sentiments will change once the price breaks above technically important level.  At the same time, muted reaction to Bithumb hack may also signal a change of heart.

If Bitcoin fails here again, the downtrend will gain traction. Bears will get motivated to push the price to $6,135 (June 13 low) and below $6,000. 

BTC/USD, the daily chart

Author

Tanya Abrosimova

Tanya Abrosimova

Independent Analyst

 

More from Tanya Abrosimova
Share:

Editor's Picks

DeFi Development Corp launches CHAD as first SOL-backed Digital Credit instrument

DeFi Development Corp launches CHAD as first SOL-backed Digital Credit instrument

DeFi Development Corp. has launched CHAD, a variable-rate perpetual preferred stock backed by the company’s Solana (SOL) treasury strategy. DFDV stated that it closed an underwritten public offering of its Variable Rate Series C Perpetual Preferred Stock, generating approximately $11 million in gross proceeds.

Pi Network Price Forecast: PI rebound holds as momentum improves

Pi Network Price Forecast: PI rebound holds as momentum improves

Pi Network (PI) extends its recovery on Wednesday, trading above $0.098 after finding support around the 50-day EMA earlier this week. The rebound comes as the Pi Core Team highlights the importance of strengthening its developer ecosystem to expand application-level utility across the network.

Top 3 Price Prediction: BTC takes a breather, ETH and XRP maintain bullish footing

Top 3 Price Prediction: BTC takes a breather, ETH and XRP maintain bullish footing

Bitcoin, Ethereum, and Ripple are trading with a broadly constructive tone on Wednesday despite BTC's mild pullback over the past two days. The Crypto King holds above $78,000; ETH and XRP remain strong above key Exponential Moving Averages, keeping their upside prospects intact.

Bitcoin remains highly sensitive to macro signals amid changing derivatives narrative

Bitcoin remains highly sensitive to macro signals amid changing derivatives narrative

Bitcoin’s (BTC) sensitivity to US economic data has become increasingly evident this year. As the market approaches several important data dumps this week, BTC traders are keenly aware of the significance just like their counterparts in TradFi. And just like the stock market, crypto traders are focused squarely on the US central bank's interest rate policy.
Bitcoin: Gearing up for a sharp move

Bitcoin: Gearing up for a sharp move

Bitcoin (BTC) is trading around $81,000 on Friday, up over 4% so far this week, and awaits a key catalyst that could determine its next directional move. Strong institutional demand is supporting the bullish price action, with spot BTC Exchange Traded Funds (ETFs) on track to record a third straight week of inflows.