Bitcoin Rallies to $44k High as Bitcoin Faces Rejection
Bitcoin bulls have made concerted efforts to breach the $45,000 resistance zone. Buyers could not sustain the bullish momentum above the $44,000 high. In previous price action, on September 27, the bulls were repelled at the same price level. The crypto plunged to the lower price range at $40,000. One reason why buyers are failing to sustain the bullish momentum is that Bitcoin is trading in the overbought region. However, in a strong trending market, the overbought condition may not hold. The bulls are capable of breaching the resistance levels of $45,000 and $48,800. However, the BTC price will be range-bound if the range-bound levels remain unbroken.
Bitcoin (BTC) Indicator Reading
Bitcoin has a bearish crossover as the 21-day SMA crosses below the 50-day SMA. This indicates a sell signal. BTC price is at level 47 of the Relative Strength Index period 14. It indicates that Bitcoin is in a downtrend zone and below the centerline 50. It also indicates that Bitcoin is capable of falling on the downside. Presently, BTC price is above 80% range of the daily stochastic. It indicates that Bitcoin is in a bearish momentum. Presently, Bitcoin is facing resistance at the recent high.
Meanwhile, buyers have been able to push BTC prices to the high of $44,122 as Bitcoin faces rejection. Bitcoin was repelled at that price level in the previous price action. In today’s price action, the market will face similar rejection. Nonetheless, if price rebounds above the $44,000 support, the current resistance levels will be breached.
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