Bitcoin News: The world’s largest digital asset, Bitcoin, has failed to develop its bullish momentum in the past 24 hours and has recorded a decline. There are legitimate concerns with BTC struggling in the same price range observed two weeks ago.
Currently, Bitcoin is trading at $35,950 after its market cap dropped to $673 billion.
1-day Bitcoin price chart
There are not many positive signs to be taken from BTC’s price action. The crypto-asset also registered another rejection at the $39,500 resistance after a failed retest at $41,000 the previous week. Since the drop, Bitcoin has yet to close a position above $39,500 on a daily candlestick, which is interpreted as something that is increasingly consuming recovery pressure.
Currently, Bitcoin runs a symmetrical triangle pattern. The possibility of an uptrend or a downtrend has been split in half, but the narrative is quickly shifting towards another downtrend.
Another swing low could force BTC to retest support at $33,500, a level that has been tested twice in the past few weeks. While the balance between bulls and bears is still somewhat stable, a slope towards the bears can see price action determined by the indicators on the chart.
The market may continue to be volatile and we are likely to see prolonged uncertainty in the market.
Still, the market indicators are clearly not bearish. The crossover between the 20-EMA and the 20-SMA is a positive sign where the change in momentum is evident. The Relative Strength Index shows that buying pressure may rebound, but selling pressure remains dominant. Finally, Awesome Oscillator noted that the bullish momentum is picking up pace, but bears are still in control.
We’re seeing a forward-looking flow of buying volume as volume stabilizes as well.
The June 4 correction significantly damaged BTC’s momentum. There should be an increase above or at least near $41,000 – $39,500 before June 11. Overriding the pattern beyond this time will create more panic and there may still be a fix.