Bitcoin languishes at lows of more than two weeks as technical struggle continues

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Bitcoin is down close to 2% to $ 31,900 currently

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This is the technical history of Bitcoin from the end of May and we are still continuing down that path right now as the fight unfolds.

Today’s nearly 2% drop sees Bitcoin drop to its lowest level since June 27 with a yield below $ 32,000, which in itself was a fundamental level on the daily chart.

But essentially, any bullish momentum is capped at $ 40,000, while downside pressure must drop below the psychological level of $ 30,000 to extend any breakout.

That said, the miniseries of decreasing highs and lows over the past two weeks has not been encouraging and we are now seeing a ‘death crossover’ pattern with the 100-day moving average (red line) falling past the moving average of 200 days. . (blue line).

latter reveals the change in momentum in Bitcoin and is one that can be difficult to ignore, especially if that pushes the agenda toward a more robust test of $ 30,000.

A hiatus could exacerbate a quick slide to potentially $ 20,000 later.

While the news may still offer some short-term volatility, in my opinion the chart and technical data are the biggest unsurt in play right now for Bitcoin.

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