Bitcoin is mostly flat around $27,000 amid suggestions that US interest rates could continue to rise.
Data from TradingView shows BTC/USD hovering around $27,000. #Bitcoin remains stuck in the range it first entered 10 days ago.
For market commentators, the risk of a sharp decline remains, with the market potentially retesting key trendlines like the 200-week moving average (MA) or worse.
Analyzing the bearish scenario, Material Indicators added that the MAs may not have formed their own resistance/support (R/S) flip zone, which makes it difficult for the bulls.
“If the 100-day MA continues to hold, this will be a very strong support level, but if the 200-week MA breaks, the market will likely have a very difficult time rising back to this level.”
At the moment, the 100-day and 200-week MAs are at $26,530 and $26,280 respectively.
The BTC/USD order book on Binance exchange shows bid liquidity below the $26,000 mark.
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