Price of Bitcoin (BTC) Surges Higher but Encounters Rejection at another Area of Interest

Bitcoin (BTC) encountered an area of interest close to the $7k level on its recent upward trend, which might have been a minor pullback from its recent declines. If the selloff of the coin continues, Bitcoin (BTC) might plunge to the targets marked by the Fib extension tool.

Bitcoin (BTC) Price Today – BTC / USD

NamePrice24H %

At the time of writing, Bitcoin (BTC) is trading at $6,735 after an increase of about 3 percent over the past twenty-four hours. The market cap of the digital currency has risen to $116.06 billion and its trading volume over the past twenty-four hours is $4.18 billion.

Bitcoin (BTC) Price Analysis and Trend

The 38.2 percent Fibonacci retracement level coincides with the $5,900 swing low, and the 50 percent Fibonacci retracement level is close to the $5,600 psychological support level. Stronger selloff pressure could cause the value of the coin to plunge to the 61.8 percent extension.

Also, the 100-hourly simple moving average is beneath the longer-term 200-hourly simple moving average to indicate that the path of least resistance is heading south. This means that the sell-off is more likely to continue instead of reversing.

The value of the coin moved briefly past the 100-hourly simple moving average dynamic inflection point, but it has returned since. The relative strength index is heading north, signalling the presence of bullish pressure. As a result of this, the digital currency could make another attempt to surge over the $7k area of interest to maintain the rally.

Also, the stochastic oscillator is increasing higher without reaching oversold territories, signalling the eagerness of buyers to return. The value of the digital currency declined significantly after the U.S SEC rejected nine Bitcoin (BTC) ETF applications filed by three different firms.

Nevertheless, the SEC said they would review their decision, and this has also caused the value of the digital currency to increase notably over the past twenty-four hours. The digital currency is currently capped on the upside at the $6,900, and it needs to surge over this level to pave the way for more gains towards the $7k mark and beyond.

Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.


Please enter your comment!
Please enter your name here

This site uses Akismet to reduce spam. Learn how your comment data is processed.