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Bitcoin price key points
- The bitcoin price is still in corrective territory because it is around the area of interest around $ 6,800 – $ 7,000.
- Several inflection points are in confluence on this area and a rebound could allow the rise
- However, an interruption below this key level could mean a continuation of the long term selloff.
The price of bitcoin continues to test the area of interest in which bulls are expected to unite and confirm that it has hit bottom
Technical Indicator Signals
The 100 SMA is still above 200 of the SMA in the longer term, indicating that the path of least resistance is on the upside. In other words, there is still a strong chance that the uptrend will resume. However, the gap seems ready to shrink, perhaps to indicate a slower bullish momentum.
Price is also starting to break below 61.8% Fibonacci retracement and 7.7 million major psychological weight, which means that the bullish energy in that area is not it is still strong enough to make the climb resume. The line in the sand could be the rising trendline linking the lows since July as a break below it could expose the bitcoin price to a floor drop of $ 5.800.
RSI is slowly coming back up after spending some time oversold region. This suggests that sellers are taking a break, but buyers are also struggling to get back on their feet. Similarly stochastic is making another attempt to abandon the oversold region to signal that buyers are taking over.
BTCUSD chart from TradingView
There have been reports confirming that Goldman Sachs is taking an interest in the cryptocurrency sector, re-raising hopes of stronger institutional interest. Recall that updates like these have supported the price of bitcoins in recent weeks, but it seems that operators are not reacting to the latest news.
However, it is worth noting that Bloomberg reported on how Goldman Sachs is considering a plan offering custody for encrypted funds, which would imply holding securities related to these assets in order to reduce the risk of customers and protect yourself from potential attacks on trade security.
