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Bitcoin Is Struggling to Hold Critical Support Ahead of the Weekly Close: BTC Price Analysis
The current market movement has become short-term negative, with a significant milestone to monitor near $40K, as bitcoin’s surge towards $45K was a fakeout as BTC was strongly rejected.
Because of the uncertainty and insufficient liquidity in the crypto markets, it has resulted in a tumultuous era that is also heavily associated with the world markets. Fundamentals such as the Ukraine-Russia conflict have an impact on both the global and crypto markets.
Following two dismal weekly candles, Bitcoin is looking forward to this week’s candle closure, which might turn into a key moment if it closes below the important support.
Technical Analysis
Long-Term
The bitcoin price was rejected at the multi-month declining resistance trendline (marked blue on the following chart).
On Thursday, February 17, bitcoin fell below the important moving averages — the 50 and 20-day moving averages — indicating that bears aren’t prepared to give up and are selling throughout rallies to exit the market.
Furthermore, the price did not create a higher high on the daily time frame, which is required for a reversal scenario. BTC is now trading…
