Bitcoin Price Analysis: Selling Pressure Leaves Macro Level Untested

Summary:

1. The bullish market structure that we have established over the last couple of weeks remains intact, despite the strong round of selling that the bitcoin market saw a couple of days ago.
2. The weekly 50 exponential moving average (EMA) is currently in the process of being tested but the market has been unable to close a weekly candle above it.
3. The intraday levels have shown support following the round of selling.
4. If the current levels do not hold, we can expect to see a test of the $4,700s as we haven’t tested its support following our strong breakout.

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