- Bitcoin trades flat on Saturday, with bias leaning to the downside.
- Rising wedge breakdown spotted on hourly sticks, with bears eyeing 7,075.
- However, a rebound cannot be ruled out in the near-term.
Bitcoin (BTC/USD), the most favorite cryptocurrency, is trading little changed so far this Saturday, having run into stiff resistances aligned near 7,265 region on its multiple upside attempts.
The no. 1 coin saw a temporary reversal on Friday, having formed three back-to-back doji candles on the daily chart earlier this week. Despite the bounce, the sellers appear to have returned over the last hours, as the market is unwilling to buy into any short-lived optimism. At the press time, the spot hovers around 7,250, almost unchanged over the last 24 hours while down nearly 4% on a weekly basis. Its market capitalization now stands at $ 131.56 billion or 66.60% of the total crypto market value.
Technical Overview
A rising wedge pattern breakdown (bearish reversal pattern) was confirmed on the hourly chart last hour after the spot breached the ascending trendline (pattern) support at 7,245. Therefore, the immediate support now awaits around 7,220 region, where the 50 and 100- hourly Simple Moving Averages (HMA) coincide. The selling pressure will intensify below the last, opening floors for a test of the pattern target aligned at 7,075, in absence of strong relevant supports.
However, an interim bounce-back towards the key supply zone near 7,265 cannot be ruled out, with the hourly Relative Strength Index (RSI) having rebounded from oversold territory towards the midline. Should the bulls manage to take out the above-mentioned hurdle, a test of the pattern upper trendline resistance at 7,317 is inevitable.
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.