Volumes are exploding at the key support level. Are the bulls going to be able to regain control?
Current support/resistance: $8'000/$8'800
At the time of writing, bitcoin is testing the last support before the $5'000 region. The selling pressure has been strong since the price fell below the 200-day moving average, which confirms a trend reversal in the longer term. With the arrival of the weekend, a consolidation would be welcome to slow the current bearish momentum. The RSI is still in an extreme oversold region and the MACD lines are diverging.
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