Bitcoin Faces Selling Pressure as Technicals Signal Pullback

The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
This summary text is fully AI-generated and may therefore contain errors or be incomplete.

Bitcoin (BTC/USD) faced selling pressure around the 37346.16 area, testing the 50% retracement of its recent upward movement. However, buying pressure emerged around the 36715.10 area, representing a test of the 78.6% retracement. Downside price objectives include levels such as 36259.61, 36164, and 35220. On the other hand, areas of technical support and potential buying pressure include levels like 33499 and 30837. Traders are observing bullish indications from the 50-bar MA (4-hourly) and bearish indications from the 50-bar MA (hourly). The price activity is closest to the 50-bar MA (4-hourly) at 37239.33 and the 200-bar MA (hourly) at 37216.77. Technical support is expected around 31238.97/30028.62/28818.26, while technical resistance is expected around 38584.16/39596.82/42721.31. The 4-hourly chart shows a bullish SlowK above SlowD, while the MACD is bearish. On the 60-minute chart, both SlowK and MACD are bullish.

Notifications 0