BTC has failed to close above that level for three days in a row, indicating a price pullback may be needed to fuel a sustained move to $6,000.
Bitcoin could be in for a price pullback, having faced rejection at key price hurdle for three consecutive days.
Similar price action unfolded on Sunday, with BTC hitting a high of $5,782 before ending the day at $5,709.
The level is important because BTC's sell-off from May 2018 highs near $10,000 run out of steam at $5,780 on June 24.
Subsequently, a bounce from that level was followed by an over 40 percent price rise to $8,500 by July 24.
The case for a price pullback would further strengthen if President Trump's re-escalation of US-China trade tensions and the resulting slide in equities ends up sending gold higher.
BTC is currently reporting losses below the former resistance-turned-support of $5,627, having failed to close above the June 2018 bottom of $5,780 for the third straight day on Sunday.
The relative strength index, which had invalidated a bearish divergence with a move above the falling trendline on Friday, has ended up creating another bearish lower high as opposed to higher high on price.
Bitcoin closed last week above the 50-week moving average, further strengthening the evidence for a long-term bullish reversal.
With the long-term chart looking bullish, a pullback to the 30-day MA or lower could be short-lived.
Bitcoin Risks Pullback After Rejections at Key 2018 Price Hurdle
gepubliceerd op May 6, 2019
by Coindesk | gepubliceerd op Coinage
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