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Bitcoin is firm at press time, finding support from around the $56,300 to $57,000 zone, looking at the performance in the daily chart. Technically, sellers have the upper hand from an effort-versus-result perspective.
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Bitcoin is under pressure and struggling to peel back losses from early this week. Even with prices stabilizing in the last day, the path of least resistance is southwards for now. For the trend to shift, there must be a convincing close above the local resistance at around $66,000.
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Bitcoin is steady at press time but is under immense selling pressure after the liquidation of August 27. Technically, there is a tinge of weakness.
However, this preview will shift when BTC bulls push prices above the immediate resistance at $66,000.
Bitcoin traders might be upbeat about what lies ahead. However, looking at the daily chart, the world’s most valuable coin is struggling for momentum. BTC prices are inside a narrow range, with support at around $56,000 on the lower end and a stubborn liquidation level at $63,000.
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Bitcoin might be up at spot rates, breaching $60,000 as momentum builds up. However, from a technical analysis perspective, bulls need more effort.
Most importantly, this will involve breaking above the local resistance level at around $63,000.
Looking at the formation in the daily chart, Bitcoin bulls are struggling for momentum. Despite the expansion on August 8, reversing losses of August 5, buyers didn’t follow through, meaning traders are waiting for more confirmation before diving in.
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Bitcoin is moving sideways in a consolidation, forming a bull flag that is clear in the daily chart. While prices are stable when writing, shaking off the weaknesses of yesterday, BTC is down 8% from last week’s highs and remains in a fragile position.
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