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The flagship of the markets, Bitcoin (BTC), started to decline after its price rose to $69,000. What are the reasons behind the decline in the cryptocurrency? What do experts say about Bitcoin? The leading cryptocurrency Bitcoin has experienced volatility between $58,000 and $72,000 after the halving in April.
Resistance Level in BTC
Popular crypto market analyst Rekt Capital stated that the current price range might indicate that BTC is retesting a region that formed strong resistance when it reached previous all-time highs.
According to expert Rekt Capital, the specified area supports BTC because ongoing sales in the cryptocurrency have not significantly pulled the price below this range. Another analyst, Moustache, shared the same view. He shared a three-week BTC/USD chart showing that Bitcoin is trading just above the 0.5 line.
The indicated indicator in Bitcoin uses the Elliot Wave Oscillator methodology applied over the moving average BTC golden base and the resulting EVO’s relative strength index to create an oscillator to detect the trend health in Bitcoin price.
Expert Opinion on BTC
According to senior crypto analyst Moustache, BTC price has only retested this line three times in the past. In this case, previous all-time highs supported the Bitcoin price. Later, the leading cryptocurrency gained significant upward momentum. The expert stated:
In 2012, 2017, and 2020, this was the signal for the most enthusiastic time in the cryptocurrency.
In his previous post on June 12, Moustache shared his views on a similar setup of the BBWP indicator and stated that BTC would experience a high after retesting the line, adding:
Here we are talking about a volatility indicator. So far, there has always been an upward trend above the EMA 20-Line.
