Bitcoin Selling Pressure Continues - Support Price At $60k.
2021-04-16 | Eddy Morgan
The selling pressure on the leading cryptocurrency, Bitcoin [
BTC] still remains active from the 14
th April all-time high
slightly below $65k.
The leading cryptocurrency was trading around
$61,003 USD at the reporting time
as its re-tests support
around the 200-period moving average on the 4-hour chart.
The 13
th April breakout over $61k provides an initial support zone for Bitcoin [
BTC], which could stabilize
the present selloff.
BTC is roughly 7% lower from its all-time high,
almost like the 1
st April pullback that was limited to the 200-period moving average on the 4-hour chart.
The RSI [
Relative Strength Index] is approaching oversold territory on the 4-hour chart,
which usually precedes purchasing strength.
BTC must hold above $60k
to end this breakout, which could override slowing momentum on
long-run charts. However for now, buyers
still take profit on fluctuating rallies.
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