Bitcoin struggles to reclaim $65,000
Share link:In this post: Bitcoin is stuck around $63,488 and can’t seem to hit $65,000 again due to bearish trends and heavy selling pressure. Key indicators like moving averages, RSI, MACD, and OBV all point to a tough market for Bitcoin right now. Long-term holders and global distribution show strong support, but short-term trading signals are still bearish.Disclaimer. The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information pr
Bitcoin is having a tough time getting back to $65,000. Right now, it’s stuck at $63,488. Let’s break down why Bitcoin’s price is struggling and what on-chain data and technical indicators are telling us.
Indicators support the bears
Bitcoin’s 50-period moving average (MA) is sitting at $63,838, while the 200-period MA is at $64,509. When the price is below these averages, it usually means the market is bearish.
The middle Bollinger Band is at $64,299, with the upper band at $65,390 and the lower band at $63,209. Bitcoin’s price is hugging the lower band, which means it’s oversold. We could see a rebound if buyers step in strong.
Disclaimer: The content of this article solely reflects the author's opinion and does not represent the platform in any capacity. This article is not intended to serve as a reference for making investment decisions.
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