After the bullish price movement that ended on Monday, Bitcoin (BTC) has received a hit in the past few hours, from its daily high of $7,470 to its local low of $7,070. The leading crypto asset is trading at $7,147 as of writing.
Many crypto asset analysts say that this is not a fear to be afraid of and that the bulls are standing firmly. Filb Filb, one of the crypto asset analysts and traders, said on the Telegram channel that the weaknesses of Bitcoin are the 100-week moving average and the annual volume-weighted average. If the bulls can maintain these levels, they will gain more confidence in the market, he said.
As Bloomberg reported, the DVAN Buy and Sell Pressure indicator continues to show positive deviation signals. BTC finally made these signals when it rose from $7,000 to $ 10,500 in January. The same indicator had signaled that Bitcoin would drop from $10,000 in mid-February and was right. After this last move, he gained a certain degree of confidence in the market.
If Bitcoin is recovering again, it has $7,900 and $8,100 resistances in front of it. The bulls must fight hard to break these resistance levels.