A scuffle has been going on between the buyers and the sellers as both sides want to prevail against each other. They have been buying and selling Bitcoin (BTC) to move it to their respective sides.
Struggle between Bears and Bulls
For the bears, the target, for now, is to move Bitcoin below the $18,626 mark. However, just when the price of Bitcoin reaches down to $18,626, the buyers start buying it on a larger scale.
This forms a strong rally that manages to push Bitcoin higher into the bullish zone until it gets close to the 20-day EMA. At present, the 20-day EMA for Bitcoin is $19,841.
Just when the trading price of Bitcoin reaches all the way up to the 20-day EMA, the sellers go on a rampage. This pulls Bitcoin lower and forms a dip until the trading price of $18,626.
This means that a trend has been formed that sees the trading price of Bitcoin oscillate between a high and a low point.
Bears Won’t Let a Rally be Formed
Despite multiple attempts made by the buyers, the sellers (bears) have shown no interest in letting the bulls do as they please. They have not let the bulls push Bitcoin over $18,626, meaning they have no intentions of letting the bulls form a strong rally.
As the bears are currently in power, they have the highest chance of retesting the trading price of Bitcoin. They may increase their selling power and try to pull Bitcoin below the $17,622 mark.
A Dip may trigger a Panic Situation
If the bears keep selling Bitcoin and its value falls below the $17,622 mark, it may trigger a great panic among investors. They may resort to pulling out of their investments, bringing another selling spree into action.
This would only make the situation worse for the bulls as the trading price of Bitcoin may dip to $14,500.
RSI Tells a Different Story
Although the price movement of Bitcoin is in bearish territory, the technical indicators are pointing at a bullish run. One of the major technical indicators for Bitcoin is the RSI, which seems to be moving in the bullish zone.
If the particular factor manages to inject strength into the investors, Bitcoin’s value may be able to rise above the 20-day EMA.
Bitcoin’s Upward Movement to $25,211
As the trend becomes bullish, then the first attempt the bulls may make would be to push Bitcoin over the $21,200 mark, which is the 50-day SMA.
With the investors gaining more confidence to launch a bullish attack, Bitcoin’s price may soon hit a high of $22,799.
As the trend becomes more bullish, Bitcoin’s trading price may surge up to $25,211.