BTC Technical Analysis: Bear Cycle Plans To Destroy Weekly Gains

The BTC price action shows a retracement within a rising channel struggling to halt at the support trendline. Will buyers avoid a drop to save weekly gains? Key Technical Points: The Bitcoin (BTC) price action shows higher price rejection candles for the last four days. The rejection from the 100-day SMA reflects an increase in supply inflow. With a market cap of $458 billion, the intraday trading volume of Bitcoin has increased by 18% to reach $32.65 billion. Past Performance of BTC As we mentioned in our previous analysis, the Bitcoin (BTC) prices hit the $25,000 mark but failed to sustain the buying pressure. The bull cycle could not surpass the 100-day SMA near the $25,000 mark resulting in long wick bearish candles testing the support trend line. Currently, the prices struggle for low price rejection from the support redline to reflect any bullish attempts to avoid a downfall. Source – Tradingview BTC Technical Analysis An increase in intraday trading volume supporting the higher price rejection candles warns of a downfall in Bitcoin prices. However, the $24,000 support level remains a crucial demand zone that may suppress bearish attacks. The bearish opposition from the 100-day SMA keeps the bullish growth in check and influences a bearish retracement. Hence, a breakout of the SMA will unleash the trapped bullish momentum resulting in a jump above $25,000. The MACD indicator shows a lack of bullish gap between the fast a...