Bitcoin price, which maintains a downward trend, continues to adhere to the significant 50-day moving average after a common depression that has resulted in the current sales pressure in the market. As it appeared in the mid-term trend, bears are still at the time of exhaustion. Waiting patiently, the bulls may not be able to take control of the market; as indicated in the MACD indicator, looking towards the -200 level. The cryptocurrency market leader has sunk below $8,000 in Asian trading hours today and has almost proven the crucial support of the 50-day moving average, currently $7,797 according to the 4-hour chart. The Bitcoin price managed to have a bullish Wednesday, its price rose from $7,670 to $7,756, reaching a minimum of $7,568 and a maximum of $7,925. At the opening of operations this Thursday, the BTC/USD exchange rate is quoted at $7,805.
This time, however, it is possible that Bitcoin price cannot reach the support level at $6,500 because the short-term technical charts are bullish and the 4-hour chart shows a sign of vendor depletion, like this, was discussed yesterday. Bulls will try to take this opportunity to raise bitcoin price pair above $8,500. If successful, the coin can be taken to the 50-day MA. This is a critical level to watch since the bulls have not been able to close since the end of last month. An escape would indicate that the trend has changed. This point of view will be invalidated if the bears defend $6,500. In such a case, a consolidation between $6,500 and $9,500 is possible.