The post Bitcoin Price is Playing Above the Important Support; Is the Time to Long BTC? appeared first on Coinpedia Fintech News
The Bitcoin price is facing some extra upward pressure as the token is printing constant bearish candles after failing to surpass $72,000 for over a month. The bulls are trying hard to keep up the bullish momentum, but the bears appear to be poised to restrict the rally below the major resistance. With this, the final resistance zone has become more rigid after the BTC price faced multiple rejections and a massive bullish push is required to slice through the zone.
The BTC price hit the local support just above $60,000, a couple of times but the latest bearish push compelled it to drop below the levels. This move has weakened the bulls to some extent, as the upward pressure is expected to escalate further. However, on the other hand, the traders have become pretty uncertain about the next trend as both shorts and longs pile up to some extent.
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