Bitcoin Weekly Death Cross is Happening-Here’s What Can You Expect From the BTC Price Over the Weekend!
The post Bitcoin Weekly Death Cross is Happening-Here’s What Can You Expect From the BTC Price Over the Weekend! appeared first on Coinpedia Fintech News
The crypto markets are trying to recover offering a tough fight to the bears. The bulls, however, are unable to restrain the descending trend as the bears are extracting profits after petty jumps. The buying volume is largely dominated by the bulls, but the levels have dropped since the early trading hours, by more than 16%. This indicates the buying pressure is fading away which may be outpowered by the bears at any moment.
Moving ahead, the upcoming weekend is expected to be extremely important as the much-awaited ‘Weekly-Death Cross’ is in progress. The token has been closing the past couple of weeks on a bearish note and an additional bearish weekly close may pave way for the bears to slash the prices very hard.
Will the dreams and hopes about the bull market will get crushed or the bulls regain strength and rise high?
Trading View
Bitcoin price is following a similar pattern that assisted the price to rise during the first fortnight of 2023. After struggling hard to sustain the crucial support between $22,267 and $22,382, the price broke down below the levels and consolidated within a descending parallel channel. If the price repeats the pattern, then the price may continue consolidating within narrow braces and quickly drop hard below $20,000 in the coming days.
A ray of hope maybe when the volume spikes notably, triggering a rebound. But the market sentiments are slowly flipping. The Bitcoin Fear & Greed index that smashed highs at 65 recently has dropped below 50 at 48 indicating that bullish sentiment has ceased and the traders are now expecting a retracement, which may be towards $20,000.
Therefore, the upcoming weekend may set the tables for the trade in the coming week. If the trend remains bearish, then the price may drop to mark the bottom, which may be followed by a rebound. Despite a rebound, market participants may remain uncertain compelling the Bitcoin (BTC) price to remain largely consolidated below $24,000 until the end of the week.
Filed under: Bitcoin - @ February 11, 2023 7:42 am