{"id":419579,"date":"2020-03-31T18:00:02","date_gmt":"2020-03-31T18:00:02","guid":{"rendered":"https:\/\/wncen.com\/?p=419579"},"modified":"2024-06-11T13:47:00","modified_gmt":"2024-06-11T13:47:00","slug":"bitcoin-bulls-are-being-put-to-the-test-as-bears-begin-stacking-sell-orders","status":"publish","type":"post","link":"https:\/\/wncen.com\/news\/bitcoin-bulls-are-being-put-to-the-test-as-bears-begin-stacking-sell-orders\/","title":{"rendered":"Bitcoin Bulls are Being \u201cPut to the Test\u201d as Bears Begin Stacking Sell Orders"},"content":{"rendered":"<p>Yesterday\u2019s Bitcoin rally has led the cryptocurrency into the mid-$6,000 region, with the mounting resistance at $6,500 proving to be too much for BTC\u2019s bulls to surmount. This has led to yet another bout of consolidation around this level.<\/p>\n<p>One analyst is noting that Bitcoin\u2019s bulls are currently being \u201cput to the test\u201d after losing a key technical level that was previously bolstering its price action.<\/p>\n<p>If bulls want to further extend their newfound momentum and propel the crypto higher, it is imperative that buyers are able to defend the crypto from dropping below $6,350.<\/p>\n<h2><strong>Bitcoin Loses Key Technical Level After Entering Bout of Consolidation<\/strong><strong>\u00a0<\/strong><\/h2>\n<p>At the time of writing, <a href=\"https:\/\/wncen.com\/2019\/10\/21\/bitcoin-flashes-bullish-signals-as-bulls-hold-it-above-key-technical-levels\/\">Bitcoin<\/a> is trading up just under 3% at its <a href=\"https:\/\/coinmarketcap.com\/currencies\/bitcoin\/\" rel=\"nofollow\">current price<\/a> of $6,490, which is around where it has been trading at over the past day.<\/p>\n<p>BTC\u2019s rally up to these highs came about following its recent decline to lows of $5,800, which is the point at which bulls stepped up and catalyzed some decent momentum.<\/p>\n<p>The fact that this short-term uptrend has stalled at its first key resistance level seems to elucidate some underlying weakness, suggesting that the crypto could be poised to face a rejection at this level.<\/p>\n<p>Big Cheds \u2013 a popular cryptocurrency analyst on Twitter \u2013 explained in a recent tweet that BTC recently lost its EMA 8, with this ongoing bout of sideways trading marking a test for bulls.<\/p>\n<blockquote><p>\u201cBitcoin: 1 hour &#8211; Bulls being put to the test after losing EMA 8, lower BB dip and rally,\u201d he explained while pointing to the below chart.<\/p><\/blockquote>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">$BTC<\/a> <a href=\"https:\/\/twitter.com\/hashtag\/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">#Bitcoin<\/a> 1 hour &#8211; Bulls being put to the test after losing EMA 8, lower BB dip and rally <a href=\"https:\/\/t.co\/OytdTaK1hz\" rel=\"nofollow\">pic.twitter.com\/OytdTaK1hz<\/a><\/p>\n<p>&mdash; Cheds (Trading Quotes) (@BigCheds) <a href=\"https:\/\/twitter.com\/BigCheds\/status\/05097216?ref_src=twsrc%5Etfw\" rel=\"nofollow\">March 31, 2020<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<h2><strong>BTC\u2019s Key Support Sits at $6,350, and a Break Below This Level Could Be Dire<\/strong><strong>\u00a0<\/strong><\/h2>\n<p>Micha\u00ebl van de Poppe, another popular cryptocurrency analyst, explained in a recent tweet that <a href=\"https:\/\/wncen.com\/2020\/03\/11\/grim-observation-shows-bitcoin-could-crash-50-towards-4000\/\">Bitcoin\u2019s current trading range<\/a> exists between $6,350 and roughly $6,500, with this lower boundary being BTC\u2019s key near-term support.<\/p>\n<blockquote><p>\u201cBitcoin: Mostly range-bound, but it&#8217;s interesting that this monthly\/weekly level at $6,350 provides support here. Might tap the resistance around $6,500-6,600 again, but mostly range-bound and not showing direction. Breaking range -&gt; targeting $7,100\/7,300,\u201d he noted.<\/p><\/blockquote>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\"><a href=\"https:\/\/twitter.com\/search?q=%24BTC&amp;src=ctag&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">$BTC<\/a> <a href=\"https:\/\/twitter.com\/hashtag\/BITCOIN?src=hash&amp;ref_src=twsrc%5Etfw\" rel=\"nofollow\">#BITCOIN<\/a><\/p>\n<p>Mostly range-bound, but it&#39;s interesting that this monthly\/weekly level at $6,350 provides support here.<\/p>\n<p>Might tap the resistance around $6,500-6,600 again, but mostly range-bound and not showing direction.<\/p>\n<p>Breaking range -&gt; targeting $7,100\/7,300. <a href=\"https:\/\/t.co\/MXpx6pq2GI\" rel=\"nofollow\">pic.twitter.com\/MXpx6pq2GI<\/a><\/p>\n<p>&mdash; Micha\u00ebl van de Poppe (@CryptoMichNL) <a href=\"https:\/\/twitter.com\/CryptoMichNL\/status\/45806347?ref_src=twsrc%5Etfw\" rel=\"nofollow\">March 31, 2020<\/a><\/p><\/blockquote>\n<p><script async src=\"https:\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><\/p>\n<p>If Bitcoin breaks below its near-term support, it is highly likely that it will continue declining until it retests the support that has been established at $5,800, with a decline below this level potentially leading BTC to <a href=\"https:\/\/wncen.com\/2019\/07\/18\/bitcoin-suddenly-surges-past-10000-as-bear-trend-dies-factors-trends\/\">see a free fall<\/a>.<\/p>\n<pre>Featured image from Shutterstock.<\/pre>\n","protected":false},"excerpt":{"rendered":"<p>Yesterday\u2019s Bitcoin rally has led the cryptocurrency into the mid-$6,000 region, with the mounting resistance at $6,500 proving to be too much for BTC\u2019s bulls to surmount. This has led to yet another bout of consolidation around this level. One analyst is noting that Bitcoin\u2019s bulls are currently being \u201cput to the test\u201d after losing a key technical level that was previously bolstering its price action. If bulls want to further extend their newfound momentum and propel the crypto higher, it is imperative that buyers are able to defend the crypto from dropping below $6,350. Bitcoin Loses Key Technical Level After Entering Bout of Consolidation\u00a0 At the time of writing, Bitcoin is trading up just under 3% at its current price of $6,490, which is around where it has been trading at over the past day. BTC\u2019s rally up to these highs came about following its recent decline to lows of $5,800, which is the point at which bulls stepped up and catalyzed some decent momentum. The fact that this short-term uptrend has stalled at its first key resistance level seems to elucidate some underlying weakness, suggesting that the crypto could be poised to face a rejection at this level. Big Cheds \u2013 a popular cryptocurrency analyst on Twitter \u2013 explained in a recent tweet that BTC recently lost its EMA 8, with this ongoing bout of sideways trading marking a test for bulls. \u201cBitcoin: 1 hour &#8211; Bulls being put to the test after losing EMA 8, lower BB dip and rally,\u201d he explained while pointing to the below chart. $BTC #Bitcoin 1 hour &#8211; Bulls being put to the test after losing EMA 8, lower BB dip and rally pic.twitter.com\/OytdTaK1hz &mdash; Cheds (Trading Quotes) (@BigCheds) March 31, 2020 BTC\u2019s Key Support Sits at $6,350, and a Break Below This Level Could Be Dire\u00a0 Micha\u00ebl van de Poppe, another popular cryptocurrency analyst, explained in a recent tweet that Bitcoin\u2019s current trading range exists between $6,350 and roughly $6,500, with this lower boundary being BTC\u2019s key near-term support. \u201cBitcoin: Mostly range-bound, but it&#8217;s interesting that this monthly\/weekly level at $6,350 provides support here. Might tap the resistance around $6,500-6,600 again, but mostly range-bound and not showing direction. Breaking range -&gt; targeting $7,100\/7,300,\u201d he noted. $BTC #BITCOIN Mostly range-bound, but it&#39;s interesting that this monthly\/weekly level at $6,350 provides support here. Might tap the resistance around $6,500-6,600 again, but mostly range-bound and not showing direction. Breaking range -&gt; targeting $7,100\/7,300. pic.twitter.com\/MXpx6pq2GI &mdash; Micha\u00ebl van de Poppe (@CryptoMichNL) March 31, 2020 If Bitcoin breaks below its near-term support, it is highly likely that it will continue declining until it retests the support that has been established at $5,800, with a decline below this level potentially leading BTC to see a free fall. Featured image from Shutterstock.<\/p>\n","protected":false},"author":499,"featured_media":419584,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[5651,3],"tags":[428,1144,6664],"class_list":["post-419579","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-bitcoin","category-news","tag-bitcoin","tag-btcusd","tag-crypto"],"acf":[],"yoast_head":"\n<title>Bitcoin Bulls are Being \u201cPut to the Test\u201d as Bears Begin Stacking Sell Orders<\/title>\n<meta name=\"description\" content=\"One analyst is noting that Bitcoin\u2019s bulls are being \u201cput to the test\u201d after losing a key technical level that was previously bolstering its price action.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link 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