Bitcoin Succumbs to Sell Pressure

BTCUSD Bulls Succumb and Sellers Regain Control

Bitcoin has succumbed to selling pressure. The market has faced prevailing sell pressure around the $63,870 level, marking the end of the cryptocurrency’s recent attempt to make a higher high. Sellers have been in control since last month, following the buyers’ pullback around the $72,000 zone, which confirmed the bearish trend as the price fell to the $67,320 level.

BTCUSD Key Levels

Resistance Levels: $72,000, $69,000
Support Levels: $54,000, $60,000
Bitcoin has since traded down to an old low of $58,460, with buyers stepping in to slow the pace of selling around the $60,000 zone. This led to a period of price consolidation around this key level.

However, sellers are now aiming to pull the price down to the crucial $60,000 level, and a break below this level, confirmed with a retest, could signal intensifying sell pressure. The Relative Strength Index (RSI) has indicated a cross in favor of the sellers, while the Bollinger Band indicator confirms a retest around the middle level. Crypto signals are closely monitoring these developments for potential trades.

Market Expectation

On the 4-hour chart, the bears appear to be in motion, pulling the price through the middle level of the Bollinger Band indicator. The RSI is also moving lower as the price trades back towards the $60,000 key zone. Bitcoin buyers may struggle to keep up with the bearish momentum in the market, especially if pressure persists. Sellers appear confident of further breakdowns this time.

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