The value of Bitcoin (BTC) seems to be amassing some bullish momentum off its recent bounce, and the digital currency is likely forming another double bottom. The value of the digital currency is gradually recovering against the U.S dollar, but technical indicators indicate the presence of bearish pressure.

Bitcoin (BTC) Price Today – BTC / USD

Name Price 24H (%)
$6,488.67 -0.21%

At the press time, Bitcoin (BTC) is changing hands at $6,500 after an increase of about 0.5 percent over the past twenty-four hours. The digital currency currently boasts of a market cap of $112.03 billion and its trading volume over the past twenty-four hours is $3.26 billion.

Bitcoin (BTC) Price Technical Analysis

The 100-hourly simple moving average is still over the longer-term 200-hourly simple moving average at the moment, but it seems like the bearish crossover is preparing. As a result, selling pressure could rise and these moving averages could continue to hold as dynamic hurdle points. Nevertheless, a break over the $6,600 mark could prevent a bearish crossover from taking place and let bullish pressure remain in play.

This could also allow the value of the digital currency to remain on track towards testing the resistance close to the $7,400 mark. A break over this level could result in a rally towards the $8k mark or the same height as the double bottom. Though, the relative strength index in heading south, so the bears have the upper hand.

Also, the stochastic oscillator is heading south form the overbought territory to indicate a return in selling pressure. As a result, the value of the digital currency could test the low at $6,200 or even lower.

The anticipation for the verdict of the SEC regarding an ETF for bitcoin is building up as the date scheduled for the final ruling is gradually approaching. Indications that an ETF for Bitcoin (BTC) would be approved could mean massive gain for the value of Bitcoin (BTC) and other coins in the crypto space.


SEE ALSO: Bitcoin Cash (BCH) Trades In Range Against The USD And Bitcoin

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