Although this setup has a bearish outlook after the breakout, BTC’s current position suggests that a retest of the upper trend line is plausible.
After a brief period of consolidation 10% to where it currently trades – $41,565.
A quick surge in buying pressure that pushes BTC above these two hurdles will propel it to $46,117, the next resistance barrier.
A macro bullish outlook will kick-start if Bitcoin price produces a weekly candlestick close above $52,000.
Santiment’s backtests have shown that a value below -10% indicates that short-term holders are selling at a loss and is typically where long-term holders tend to accumulate.
With a Master’s degree focused on Mass Communication, Manisha is good at multitasking with an eye for detail.
Disclaimer: AMBCrypto’s content is meant to be informational in nature and should not be interpreted as investment advice.