Bitcoin Price Key Highlights
- Bitcoin is down to a major support zone visible on the long-term chart and a breakdown could lead to a test of $4,000.
- If bears still take price below the next long-term bottom, a move towards $2,000 could come next.
- On the other hand, a bounce off this strong floor could allow more buyers to sustain a climb.
Bitcoin is down to the major support zone around $6,500 and might aim for the next floors on a break lower.
Technical Indicators Signals
The 100 SMA is below the longer-term 200 SMA on this time frame to confirm that the path of least resistance is to the downside. This suggests that the selloff is more likely to happen than a move higher.
Price appears ready to bust through $6,500 and might make it all the way down to the next visible area of interest at $4,000. A break below this could pave the way for a move back to $2,000.
On the other hand, a bounce could lead to a pullback to the 100 SMA dynamic inflection point. Stronger bullish pressure could take bitcoin up to the 200 SMA dynamic resistance at $10,000 next. The gap between the moving averages is widening, though, so selling momentum is picking up steam.
However, RSI is indicating oversold conditions or that sellers are tired and might let buyers take over. Stochastic has some room to move lower so sellers could stay in control for a while. Once both oscillators start moving up, bitcoin price might follow suit.
BTCUSD Chart from TradingView
Bitcoin price is currently being bogged down by the ongoing probe into price manipulation, as investors might be keen on lightening their exposure before the results are released. Negative commentary could further erode trust in the industry, which could expose bitcoin to more declines.
Meanwhile the dollar is supported by positive developments in international relations, as well as the upcoming FOMC interest rate decision.
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