- Bitcoin price is struggling to make a move higher, as there is a monster resistance formed on the daily chart (data feed from HitBTC).
- The price is below the 100-day simple moving average, which is acting as a sell area.
- On the hourly chart via the data feed from Bitstamp, there was a minor bullish break that may encourage buyers in the short term.
Bitcoin price is showing bullish signs on the lower time frame chart, but the daily chart is pointing towards a crucial break in the near term.
Can Bitcoin Price Recover?
Bitcoin price remained under a lot of bearish pressure this week, as there was a monster resistance on the daily chart formed. The price continuously found sellers near the 100-day simple moving average (daily chart and data feed from HitBTC). It looks like a solid bearish structure formed on the daily chart, and if sellers gain control, then the price may head lower in the near term. There is a bullish trend line formed on the same chart, which is currently preventing a break in the price.