Bitcoin rebounded off the lows yesterday, but the same resistance levels are still pinning prices down
Bitcoin got a bit of a boost yesterday (as stocks bounced?) under $6,000 and it shot up to close near the highs of the day. But still, it's falling short of the 200-day MA (blue line).
In trading today, prices are sluggish and erring a little to the downside as once again, buyers are unable to break above the 100-hour MA as seen in the hourly chart below:
It's been a stubborn resistance level for Bitcoin for the past few weeks, and it is once again proving to be a tough level to crack for buyers. As long as price stays below, sentiment will still be bearish.
