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BTC in stalemate as strong bearish signal looms
The post BTC in stalemate as strong bearish signal looms appeared on BitcoinEthereumNews.com. Bitcoin (BTC) has once again surpassed the $70,000 mark, rebounding from volatility triggered by higher-than-expected inflation data in the United States. Despite trading above this psychological threshold, the maiden cryptocurrency has predominantly consolidated below its previous all-time high, leaving the market on edge regarding its next direction. In examining the potential price movements, crypto trading expert Alan Santana pointed out that recent movements show that Bitcoin is in a stalemate as it struggles to break through resistance, with a strong bearish signal potentially on the horizon. In a TradingView post on April 11, the strategist’s analysis was based on Bitcoin’s daily session, indicating a neutral candle with no significant movement in either direction. Despite some volatility, the analyst noted that the overall pattern remains consistent with the signal from April 9, indicating a continued standoff between bulls and bears. One notable observation from Santana’s is Bitcoin’s current price, hovering around $70,000. While this may seem like a robust figure, the trading expert suggested that it sits below the cryptocurrency’s all-time high in close proximity, a factor that suggests that Bitcoin is actively testing resistance levels. Bitcoin price analysis chart. Source: TradingView However, Santana noted that challenging resistance can weaken it over time. Should Bitcoin fail to surpass the $70,000 mark and instead dip, it could signal a strongly bearish trend. “The interesting and revealing part is that $70,000 is less than ten percent away from the all-time high. This tells us that Bitcoin is actually challenging resistance at this point. The more resistance level is challenged, the weaker it becomes. Say prices move below $70,000 to hit $68,000 or $65,000; strongly bearish but again, as it moves above 70K we need to consider the other scenarios and adapt just as the market does,” the analyst said. Bitcoin suffers volatility ahead…
The post BTC in stalemate as strong bearish signal looms appeared on BitcoinEthereumNews.com.
Bitcoin (BTC) has once again surpassed the $70,000 mark, rebounding from volatility triggered by higher-than-expected inflation data in the United States. Despite trading above this psychological threshold, the maiden cryptocurrency has predominantly consolidated below its previous all-time high, leaving the market on edge regarding its next direction. In examining the potential price movements, crypto trading expert Alan Santana pointed out that recent movements show that Bitcoin is in a stalemate as it struggles to break through resistance, with a strong bearish signal potentially on the horizon. In a TradingView post on April 11, the strategist’s analysis was based on Bitcoin’s daily session, indicating a neutral candle with no significant movement in either direction. Despite some volatility, the analyst noted that the overall pattern remains consistent with the signal from April 9, indicating a continued standoff between bulls and bears. One notable observation from Santana’s is Bitcoin’s current price, hovering around $70,000. While this may seem like a robust figure, the trading expert suggested that it sits below the cryptocurrency’s all-time high in close proximity, a factor that suggests that Bitcoin is actively testing resistance levels. Bitcoin price analysis chart. Source: TradingView However, Santana noted that challenging resistance can weaken it over time. Should Bitcoin fail to surpass the $70,000 mark and instead dip, it could signal a strongly bearish trend. “The interesting and revealing part is that $70,000 is less than ten percent away from the all-time high. This tells us that Bitcoin is actually challenging resistance at this point. The more resistance level is challenged, the weaker it becomes. Say prices move below $70,000 to hit $68,000 or $65,000; strongly bearish but again, as it moves above 70K we need to consider the other scenarios and adapt just as the market does,” the analyst said. Bitcoin suffers volatility ahead…
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