Bitcoin (BTC), the star of the financial markets, has seen a decrease in value following its surge to $69,000. What is causing this drop in the cryptocurrency’s price? What are the experts saying about Bitcoin? The primary digital currency, Bitcoin, has shown fluctuations between $58,000 and $72,000 since the halving event in April.
Resistance Level in BTC
Renowned crypto market analyst Rekt Capital has suggested that the current price range indicates that BTC is testing a strong resistance area that was formed during previous all-time highs. According to Rekt Capital, ongoing selling pressure in the cryptocurrency market has not been able to push the price significantly below this level. Another analyst, Moustache, has shared a similar perspective, presenting a three-week BTC/USD chart that shows Bitcoin trading slightly above the 0.5 line.
Expert Opinion on BTC
The Elliott Wave Oscillator methodology applied to the moving average BTC golden base has been used to create an oscillator that determines the trend health in Bitcoin’s price. Moustache, a senior crypto analyst, has noted that BTC price has only tested this line three times in the past, with previous all-time highs providing support for the cryptocurrency’s price. Moustache predicts that Bitcoin will experience a surge after retesting this line.
In a previous analysis on June 12, Moustache had also mentioned a similar setup of the BBWP indicator, forecasting a rise in BTC price after retesting the line. Investors interested in the latest technology news can access NEWSLINKER for updates.
Disclaimer: The information presented in this article should not be considered as investment advice. Investors should be aware of the high volatility associated with cryptocurrencies, which can pose risks, and are advised to conduct their own research before making any investment decisions. Stay informed by following us on Telegram, Facebook, Twitter, and Coinmarketcap.