Bitcoin flipped the $42k mark last week and was expected to make more moves during the current intraweek session. Unfortunately, the largest cryptocurrency is yet to take the expected steps. Losing the mark on Sunday and regaining on Tuesday, many why the coin is seeing so much stability at $42,000.
A previous outlook noted that BTC may aim to flip the $43,000 resistance in the next six days. We observed that asset flipped $43k during the previous intraday session but failed to hold on to the level.
During this period, market conditions could be considered fair as there were no hard constraints. The Moving Average Convergence Divergence (MACD) was on the rise as well as the Relative Strength Index (RSI). Have market conditions changed?
Currently, the apex coin is down by a few percent. Additionally, RSI is stable, which means there is almost an equal amount of pressure from both trading factions (the bulls and bears). We also observed that bitcoin trading volume is down by more 24%.
MACD’s histogram also prints bearish activity as it’s on a decline. The above data only confirms the fact that the bears are edging. Who could be responsible for the BTC’s failure to flip further resistance?
Bitcoin Whales Are Innocent
Based on previous activities, we may be quick to call out the whales. However, on-chain data says otherwise. We note that large transactions on the largest crypto is down by a few percent. This means that retail traders are at the helm of affairs.
Additionally, the metric suggests that bitcoin is facing more bearish action than the previous intraday session. On the other hand, both MACD lines are off the bearish region as they are above 0.
The previously mentioned outlook added that the top coin is at risk of dipping as the most recent decrease in price may result in both RSI and MACD seeing a downtrend.