- Bitcoin consolidates the recovery to 7,400 levels on Saturday.
- BTC bears remain on track to book a 15% weekly loss.
Bitcoin (BTC/USD), the most widely traded cryptocurrency, extends the overnight consolidative mode around 7,250 region, as a tug of war between the bulls and bears persists so far this Saturday.
The no. 1 coin hit fresh half-yearly lows of 6,787 in Friday’s European session, in what was seen as a massive slaughter of the BTC bulls. From there, Bitcoin attempted a steady recovery towards the 7,400 levels but the bulls lost strength just shy of the last. Despite the comeback, the spot is down nearly 5% over the last 24 hours and on its way to book a 15% weekly loss. Its market capitalization now stands at $ 131.37 billion or 66.30% of total crypto market capitalization.
Technical overview
The spot has paused its five-day losing streak, although the bearish bias still remains intact, as the price still trades below most major hourly Simple Moving Averages (HMA). Moreover, the recovery continues to face stiff resistance at the 61.8% Fibonacci Retracement (Fib) level of Friday’s slump, placed near 7,365 region, leaving the coin wavering in a narrow range over the last hours. Further, the hourly Relative Strength Index (RSI) is lying in the overbought territory, suggesting that the buyers may have faced exhaustion. Only a sustained break above the 7,365-7,400-supply zone could revive the recovery, with the downward sloping 50-HMA at 7,542 seen as the next upside barrier. On a break beyond the last, bulls would again confront the 7,700 mark, the level from where the downpour began a day before.
On the flip side, the 38.2% Fib level of the latest declines at 7,147 could cap the immediate downside. Sellers will return with pomp and show should the bulls fail to resist the afore-mentioned support, opening floors for a retest of the 7,000 level en-route the six-month lows sub-6,800 handle.
All in all, it appears for now that the bears are gathering pace before the next push lower.
BTC/USD 1-hour chart
BTC/USD Levels to watch
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Avalanche rallies following launch of incentive program for developers
Avalanche announced the launch of Retro9000 on Thursday as part of its larger Avalanche9000 upgrade. Retro9000 is a program designed to support developers with up to $40 million in grants for building on the Avalanche testnet.
Ethereum could retest $2,707 resistance following increasing ETF inflows and uptrend in funding rates
Ethereum traded around $2,640 on Thursday, up more than 2% following increased bullish bias among investors, as evidenced by ETH ETF net inflows and an uptrend in funding rates.
Ethena Labs launches new UStb stablecoin backed by BlackRock's BUIDL token
Ethena Labs announced on Thursday that it has released a new stablecoin product, UStb. The new stablecoin will be fully collateralized by BlackRock's USD Institutional Digital Liquidity Fund (BUIDL) and function similarly to a traditional stablecoin.
Crypto Today: Bitcoin, Ethereum and XRP trade in the green as crypto lost to hacks and fraud plunge by 40%
Bitcoin has moved above the $65,000 psychological level after flipping a key resistance, XRP sees a slight 1% gain. Ethereum trades around $2,650, up over 3% in the past 24 hours, as it attempts to tackle the $2,707 key resistance.
Bitcoin: Fed-led rally could have legs towards $65,000
Bitcoin is poised for a second consecutive week of gains, supported by the recent 50-basis-point cut in interest rates by the Federal Reserve. Bitcoin broke above several key technical resistances this week, signaling a rally continuation.
Five best Forex brokers in 2024
VERIFIED Choosing the best Forex broker in 2024 requires careful consideration of certain essential factors. With the wide array of options available, it is crucial to find a broker that aligns with your trading style, experience level, and financial goals.