Bitcoin Price Analysis: Daily Resistance Level Tested Following Strong Buying Pressure
- Despite some strong, intraday selling, bitcoin’s macro-bullish market structure remains intact. So far, we have seen a test of two daily levels and have clearly established support. At the moment, the bitcoin market is working on testing a third level, but is currently feeling out the strength of the supply and demand.
- We have yet to see a strong test of the overhanging liquidity zone in the $5,700 to $6,000 range so, it seems logical to see a test of that region before any meaningful, macro pullback takes place.
- So far, we have been content to bounce within the intraday price levels, but a key price to watch is the $5,250 level. That is the daily level we are currently testing and a test that establishes regained support would be a nice sign of strength within our current market structure.
Trading and investing in digital assets like bitcoin is highly speculative and comes with many risks. This analysis is for informational purposes and should not be considered investment advice. Statements and financial information on Bitcoin Magazine and BTC Inc sites do not necessarily reflect the opinion of BTC Inc and should not be construed as an endorsement or recommendation to buy, sell or hold. Past performance is not necessarily indicative of future results.
This article originally appeared on Bitcoin Magazine.
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