• @Savdoescrypto

BTC/USD Under Pressure as Bulls Give Up Key Support

As central bank digital currencies took center stage at the Senate Banking Committee today, BTC/USD lingered under freshly broken support levels.

Bears will note some key bearish breakouts on BTC/USD recently, with price moving below the 50-day exponential moving (EMA) and the 14-day RSI breaking below its key bull market support at ~50.

Bulls will be eager to see both of these levels reclaimed in the coming days. Sustained weakness might see increased buying support on a retest of key support at the 200-day EMA and the top of the blue support zone.

Continued weakness into and below the blue support zone will register a lower low and is likely to threaten the perceived structural integrity of the current 4-month bullish trend

Traders will note the continued correlation between the S&P500, broader global risk-on trades and BTC/USD. As global risk sentiment continues to calibrate to the uncertainties of a post-covid environment, traders would be remiss if they didn't pay attention to the broader tidal forces currently at play.

Traders may also be listening to the continued rhetoric flowing from the Senate Banking Committee and could be on alert for increased volatility should they alter their stance regarding Bitcoin and its place in their envisioned digital currency ecosystem.

Until next time, all the best and take care.

You can find me on twitter: @savdoescrypto

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