Bitcoin's Price May Be Charting a Bull Reversal

Bitcoin's Price May Be Charting a Bull Reversal

Bitcoin (BTC) price could create a major bullish technical pattern in the next few days, technical charts indicate.

It's a slightly confusing picture at the moment, however. The recent short-term bullish bias has been neutralized following BTC's close below (as per UTC) the 10-day moving average (MA) yesterday.

Further, the risk of a deeper pullback to $6,000 (February low and psychological support) look to have increased after Tuesday's 5.7 percent price drop.

However, that does not necessarily mean the bears are back in a commanding position, since the cryptocurrency is still holding well above the recent low of $5,755 (hit on June 24).