Bitcoin price in “bounce or die” position, with it now resting on top of its 21-day EMA
Bitcoin price tried to spark a rally yesterday but was rejected at $ 9,300. Since then, Bitcoin has been trading directly below this level, struggling to collect any additional buying pressure.
BTC/USD 4-hour chart | Source: TradingView
Bitcoin price could be positioned to see further downside in the coming days
At press time, Bitcoin is trading around $ 9,131. This is around the level that it was trading on the last day. Yesterday, buyers stepped up and pushed Bitcoin up to $ 9,300. Immediately after touching this level, it was faced with a rejection that made it mitigate.
It is important to consider that $ 9,300 is around where Bitcoin 200-day EMA currently sits, making it vital that buyers surmount this level. The fact that yesterday’s rejection at this level was tempered and only made Bitcoin retreat a bit could be a break on it about to happen.
Crypto analyst Teddy explained that Bitcoin is currently in a “bounce or die” position – the 21-day EMA.
He stated:
4h was rejected from resistance of cloud ( 200 ema )
Now resting on 21ema – bounce or die$BTC pic.twitter.com/FfnGP8ELQy
— Teddy (@TeddyCleps) July 2, 2020
Analysts have debated whether Bitcoin’s recent price action is a symbol of cumulative support or price support.
In fact, it cannot be assumed that all signals indicate that the transaction limits its scope to distribution, which could mean that the next downside is imminent.
Moreover, the volume of BTC in the past few weeks has shown that buyers lack strength. Because this is a crucial technical level, a failure to break above this could cause it to see significant losses in the days ahead.
You can also check Bitcoin Price here.
Read more:
- Mode Banking Reports Increases In Bitcoin Buying From Boomers And Gen X Users
- Bitcoin Price Rose In The First Session Of July As It Maintained Its Short-Term Positive Correlation With The S&P 500