Crypto
Bitcoin Price Tests Key Resistance: Will Momentum Hold?
The Bitcoin price has climbed by 3% over the weekend, but its ability to break through key resistance levels is uncertain. The crypto market as a whole appears weak, and while the rally from the bear market low has been significant, it has lacked momentum.
On the daily chart, the price is testing and confirming the underside of the trendline that guided the rally up from the bottom. This could indicate a pullback or another lower low in the near future.
The bulls' only advantage is that the price remains above the descending channel. However, this sideways period may continue until momentum changes, allowing the bulls to attempt another break through the key resistance level of $66K.