Let's have a look at the BTCUSD 1h chart and explore the possible consequences. From last few months, we have seen many declines and lower trend in the crypto market. Here are some possible things that can be taken in the notice before predicting anything; first we take all the major falls and then ultimate rise, after that, we see in Feb that decline was same as it is now which covers the $6000 region. It means that it is allowing bulls to take a step now and invest more. Price bounced off the mid-channel area of interest, though, and might be due for a pullback in the resistance. Bitcoin price also broke above a short-term descending trend line to signal a pickup in bullish pressure. However, the stability level remains there, the first level is at $11000, second is in the $9000 region and followed by the third it is in the $7000 region.
Bitcoin price is trending lower but is showing short-term signs that bulls are trying to get back in the game. With that, investors could continue to hold out for positive reports from the cryptocurrency industry to see if bitcoin price can be able to pull up from its dive. So far, the news hasn’t been so upbeat, with the likes of Chile and Kazakhstan taking an adverse stance against bitcoin as well.
Bitcoin price is trending lower but is showing short-term signs that bulls are trying to get back in the game. With that, investors could continue to hold out for positive reports from the cryptocurrency industry to see if bitcoin price can be able to pull up from its dive. So far, the news hasn’t been so upbeat, with the likes of Chile and Kazakhstan taking an adverse stance against bitcoin as well.