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Analyst: Bitcoin Falls to Pre-Powell Speech Levels, Technicals Slightly Bearish
Summary: According to CoinDesk analyst and Chartered Market Technician Omkar Godbole, the price of Bitcoin (BTC) has fallen to around $112,000, close to the level before Federal Reserve Chairman Powell's dovish comments last Friday, with a previous high of $117,440. The daily chart shows Bitcoin forming lower highs near the previous bull market trendline extending from ...
According to CoinDesk analyst and Chartered Market Technician Omkar Godbole, the price of Bitcoin (BTC) has fallen to around $112,000, close to the level before Federal Reserve Chairman Powell's dovish comments last Friday, with a previous high of $117,440.
The daily chart shows Bitcoin forming lower highs near the previous bull market trendline extending from the April lows, confirming a break of the trendline and suggesting a bearish trend may continue. The Guppy multiple moving average short-term line is about to cross below the long-term line, indicating strengthening bearish momentum.
Key support for Bitcoin is at $110,756, with further support near the 200-day moving average around $100,000. To restore bullish prospects, the price needs to surpass last Friday's high of $117,440.
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Link: Analyst: Bitcoin Falls to Pre-Powell Speech Levels, Technicals Slightly Bearish [Copy]
