Bitcoin Price Key Highlights
- Bitcoin price recently broke past a resistance level around the $1225 mark.
- Price is showing signs of pulling back, possibly finding a floor at the broken resistance.
- Technical indicators are hinting that the uptrend is slowing.
Bitcoin price could be due for a quick pullback to the area of interest at $1225 before heading further north.
Technical Indicators Signals
The 100 SMA is below the longer-term 200 SMA so the path of least resistance could be to the downside. However, the downward crossover hasn’t gained much traction yet so there’s a chance that the MAs are just oscillating and that range-bound conditions could be seen.
Stochastic is heading south to show that sellers are on top of their game. RSI is also moving down so bitcoin price could follow suit. A larger pullback could last until the rising trend line connecting the lows of bitcoin price action so far this week, which is close to the moving averages dynamic support.
Once both oscillators indicate oversold conditions and turn higher, buyers could get back into action and push bitcoin price back up to the highs around $1240 and beyond.
Bitcoin price has been gaining ground on speculations