Bitcoin (BTC) Technical Analysis: Bullish Reversal Soon? Think Again

Bitcoin had everybody excited at the start of this week as it blew through its long-standing resistance with a huge 22% (+/-) gain against the US dollar, in response to Tether’s price unpegging from its $1 ‘stable’ value. In a matter of hours the #1 cryptocurrency was able to soar to $7,800 from $6,380, as traders sharply exited out of the collapsing USDT coin into BTC to secure their funds. However, Bitcoin’s position at its new price point was unlikely to last for long and after a heavy correction it quickly plummeted back below the strong resistance at $6,800.

Since that hair-raising market reaction on Monday bulls have seemingly disappeared from the BTC market, indicating that the recent pump was neither a legitimate bullish reversal nor a sign of new bullish sentiment for the asset.

Diving into the 2hr BTC/USD chart, we can see that…

This article appeared first on Cryptovest

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