Bitcoin price against the US Dollar (BTC/USD) is again witnessing an unexpected selloff as the market price slid below the 9-day moving average. At first, the BTC/USD pair dropped sharply and touched the support at US$56,501.
Relative Strength Index technical indicator shows that the Bitcoin market is currently experiencing a bearish movement. Despite the significant fall in price, the technical indicator shows that it is hovering above the 50-level. This means that the bears have still some scope to explore. The bitcoin price against the US Dollar may see a continued downtrend if the price falls below the 21-day moving average.
At press time, the BTC price is hovering around US$54,724.62 with a 24-hour fall of around -7.02%. If the selling pressure continues to overpower buying pressure, the next support levels are US$52,000, US$50,000, and US$48,000. Technical analysts believe that the recovery in the bitcoin price may not be easy.
However, the bearish scenario may get negated if the bitcoin price against the US dollar tries to move above the upper boundary of the channel. In case of a recovery (which many analysts believe can be seen within this week), the next resistance levels will be US$65,000, US$67,000, and US$69,000.
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