11.8 C
24 March 2023
Image default

Bitcoin: Do or die for the bulls

  • BTC at the cusp of a major resistance, break must.
  • U-turn from here would be deadly and chaotic.

Bitcoin, the largest cryptocurrency by market capitalisation, is sitting on the cusp of a breakout on the med-term charts, a break of which is a must if the bulls have to continue being relevant in their journey to the north.

BTC/USD is down three cents of a percent on day at $3,929 and trading in less than one percent range for the day. On the 480-minute chart of this largest crypto, it is sitting exactly at the resistance area of the trendline, formed after last year’s sell-off and the bounces thereafter.

Given, nearly overbougt RSI and sentiment around the crypto world still at their weakest of the times, chances of a breakout on the upside are very slim. But if it indeed breaks out, then next major resistance comes after nearly 35 percent more rally from here – at $5,500 that is. Whereas if bulls are unable to cross past this one, then a U-turn would take prices all the way towards $3,700 first major rsupport and then $3,300. So indeed a do or die situation for the bulls to prove their relevance.

BTC/USD 480-minute chart:

Get 24/7 Crypto updates in our social media channels: Give us a follow at @FXSCrypto and our FXStreet Crypto Trading Telegram channel

Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.

Related posts

Bitcoin HODLers do not have to disclose their holdings to IRS after all


Bitcoin Price Analysis: BTC poised to retest $10,500 before the growth resumed


Bitcoin(BTC) Price’s Monthly Close Approaching Very Fast, May Record a Bearish Close!