Why BTC Remains Stuck Below $100K
Bitcoin’s price movements are still sideways today, with little reaction as the cryptocurrency community commemorates BTC’s market value first crossed the $1 trillion mark for the first time in 2021.
In two weeks, it traded below $100,000, and technology and on-chain data suggest that the possibility of extended stays is lower than this key price.
Bitcoin marks trillions of dollars anniversary, but stalls below $100,000
On this day of 2021, Bitcoin’s market value More than $1 trillion first. It has nearly doubled since then, with the market value of the leading coin now worth $1.9 trillion.
Interestingly, Bitcoin’s price performance remains boring as the market commemorates this milestone today, Still trapped under $100,000. Since early February, the relative balance between bullish and bearish pressure has kept the coin trading within a narrow range.
However, Beincrypto’s assessment of the BTC/USD one-day chart shows that bearish bias against Kings coins appears to be strengthening momentum. Technical indicators of coins Relative Strength Index (RSI) Reflect bearish pressure. At press time, RSI Located below the 50 neutral line at 44.29.
The RSI indicator measures the oversold market conditions of assets. Its ranges from 0 to 100 with a value above 70, indicating that the asset is overbought and caused by the decline. On the other hand, the value under 30 suggests that the asset is over-purchased and may have witnessed a rebound.
BTC’s RSI at 44.29 shows that sales pressure is stronger than buying momentum, but has not exceeded the level yet. This means there is room for further downside or potential mergers before the trend shifts.
Furthermore, the setting of the moving average convergence difference (MACD) of the coin supports this bearish outlook. At the time of writing, BTC’s MACD line (blue) is located under its signal line (orange).
The MACD indicator of an asset determines the trend and motivation of its price movement. It can help traders discover potential buying and selling signals through the intersection between the MACD and the signal line.
As in the case of BTC, when the MACD line is below the signal line, it indicates bearish momentum, indicating that the price decline of the asset may continue. Traders see this as a potential sell signal, increasing the downward pressure on the market.
BTC at the intersection: $90K failure or $100,000 breakout?
At press time, BTC was trading at $96,248, slightly below strong resistance at $99,805. As the sell-off strengthens, it is possible that BTC will break out of its narrow range with a downward trend. In this case, the price of the coin may be lower than $90,000 is redeemed for $89,434.
On the other hand, the resurgence of bullish pressure in the market may invalidate such bearish forecasts. In this case, the coin could cost more than the $99,805 resistor, exceeding the $100,000 threshold and attempt to revisit its all-time high of $109,350.
Disclaimer
and Trust Project Guide, this price analysis article is for informational purposes only and should not be considered financial or investment advice. Beincrypto is committed to accurate and impartial reporting, but market conditions are subject to change without notice. Always conduct your own research and consult a professional before making any financial decisions. Please note that our terms and Conditions,,,,, Privacy Policyand Disclaimer Updated.
