Bitcoin Price Analysis: Daily Resistance Level Tested Following Strong Buying Pressure
Bitcoin Schmitcoin's original article for bitcoinmagazine.com reduced by 49%
Summary:Despite some strong, intraday selling, bitcoin's macro-bullish market structure remains intact. 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. 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.
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Summarised crypto news.