- BTC/USD’s recovery attempts remain capped below 7000.
- Bitcoin trapped in a symmetrical triangle on 15-minutes chart.
- The near-term outlook appears neutral to bearish.
Bitcoin (BTC/USD), the most favorite cryptocurrency, stalled its gradual recovery from a five-day low of 6750.92 reached Friday after facing rejection once again near 6950 region earlier this Saturday. Since then, the price has been holding the lower ground, as the bulls lack followthrough momentum amid thin trading, given the Easter weekend. At the press time, Bitcoin is off the daily lows of 6850, trading flat around 6890, with a market capitalization of $126.00 billion.
Technical Overview
BTC/USD 15–mins chart
Technically, the 15-minutes chart displays a symmetrical triangle formation, with the BTC bears now teasing the breakdown near the trendline support of the potential formation at 6879. Should the bulls fail to resist the last, a sharp selling wave could knock-off the coin to Friday’s low. On the way southwards, the next support comes in at 6625, the pattern target.
Alternatively, if the pattern doesn’t get confirmed, the bulls could try to take out the immediate hurdle around the 6910-20 region, the confluence of the 21, 50 and 100-bar Simple Moving Averages (SMA). Further up, the next resistance awaits at the descending trendline, now at 6940.
To conclude, the path of least resistance appears to the downside, with the Relative Strength Index (RSI) inching lower towards the oversold territory below the midline.
BTC/USD technical 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.