Bitcoin Recovers Weekly Loss, Sights $22.6K Resistance

Bitcoin Recovers Weekly Loss, Sights $22.6K Resistance

Bitcoin Recovers Weekly Loss, Sights $22.6K Resistance

Bitcoin (BTC) has made progress and is now even for the week. The action has targeted crucial technological resistance.

  • The top cryptocurrency extended its comeback from its late-Wednesday low of $18,892 by briefly crossing the $21,000 barrier. According to a graphic from TradingView, the cryptocurrency was down roughly 9% for the week at that pricing.

  • The bear flag breakdown, a bearish continuation pattern established on the daily chart earlier this week, has failed as a result of the price comeback.
  • Bearish patterns or failed bear flags suggest seller exhaustion and frequently herald a bullish turnaround. Numerous technical and blockchain signs point to a bottom.
  • On the 4-hour chart, the relative strength index has surpassed 50 and entered the bullish zone, supporting a further increase.
  • The moving average of 200 weekly charts, or a resistance level of $22,600, is the current target. The next significant obstacle would be at $25,338, which was the low on Coinbase on May 12.
  • If the $18,892 low from last Wednesday is broken, the outlook will become negative.

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