Bitcoin Bites Back at $80k Resistance
Bitcoin (BTC) has once again failed to break through the $80k resistance level, marking its fourth rejection in three weeks.
This rejection is significant because it suggests that market makers are building short positions rather than genuine buying interest.
The current price of $77,392.34 sits below the 50-day Exponential Moving Average (EMA) at $78,136.97 and above the 200-day EMA at $74,210.88, which offers deeper support.
The Relative Strength Index (RSI) is currently at 43.18, indicating a neutral sentiment, while the MACD shows a bullish golden cross at -372.44.
The Bollinger Bands are also indicating a volatile market, with the upper band capping immediate upside at $78,605.22 and the lower band marking the next volatility target at $76,443.12.