Little-Known Resistance May Be Blocking Bitcoin Price Bounce

View Bitcoin continues to chart bearish lower highs along the 50-candle moving average on the 6-hour chart.

Recent history shows bull failures at the 6-hour 50-candle moving average are often followed by a drop below the recent low.

BTC risks printing fresh multi-week lows below $3,322, having faced rejection at the crucial moving average hurdle earlier today.

A convincing 6-hour close above the moving average resistance will likely weaken bearish pressures and allow a corrective rally toward $4,000.

Bitcoin price gains may be capped by a key moving average that has been acting as stiff resistance since mid-January.

The breakout failed and BTC ended up charting a bearish lower high near the 50-candle moving average on the 6-hour chart.

That price bounce failed to clear the 6-hour chart 50-candle MA for four days straight and the repeated bull failure was followed by a drop to $3,322 on Jan. 29.

As seen above, BTC has charted bearish lower highs along the downward sloping 50-candle MA over the last three weeks.

What makes it a strong short-term resistance is that after every rejection the price has hit a bearish lower low.

The probability of BTC printing fresh multi-week lows below the Jan. 29 low of $3,322 in the next day or two is high.