BTC Technical Analysis: Sellers Ready to Drive the Prices Back to $35K

The Bitcoin price fails to rise above the resistance trendline resulting in a bearish reversal. Will BTC prices break the bottom formed near the $35,000? BTC is a peer-to-peer internet currency. This means that all transactions occur directly between independent, equal network participants. This comes without the necessity of any intermediaries to facilitate or permit the transactions. In Nakamoto’s own words, to enable “online payments to be sent directly from one party to another without going through a financial institution.” Let us move ahead to read about Bitcoin technical analysis. Past Performance of BTC The BTC prices fail to rise above the resistance trendline of the falling channel pattern in the daily chart. The coin price falls 2.73% in the past 24 hours and starts the formation of an evening star pattern within the channel. Moreover, the Bitcoin price is down by 20% in the past two weeks and is 46% lower than its all-time high near $69,000. BTC/USD Daily Chart BTC Technical Analysis The BTC prices are retracing within the falling channel as it completes an evening star pattern near the $38,000. Moreover, the downfall shows an increased trend momentum compared to small-bodied candles seen in the last week. The crucial Exponential Moving averages show a bearish crossover of 100 and 200-day averages in the daily chart. With this crossover, the EMAs achieve a bearish alignment and increase the overall fear among the i...