Near-term resistance levels still holding on, as price retreats
Once again, buyers fail to hold above the 200-hour MA and Bitcoin falls below $8,000 on the day. Price is now trading almost 4% lower on the day, close to the lows as it's trapped between the 100 and 200-hour MAs.
It's been a level that has been plaguing bulls for the past few weeks, and it doesn't look like it will give way this time around as well.
Once again as I've mentioned, as long as buyers can't stay above the MAs sentiment will still be bearish and the bias will still be towards the downside.
There hasn't been much news apart from central banks and regulators still echoing their same old rhetoric when it comes to cryptocurrencies, so the indecision here may still continue until we have a fresh catalyst.
