Bitcoin's (BTC/USD) descent in March stalled at the end of the month with price just above $6610 on Coinbase. As we can see on the 1H chart, it is ranging roughly between $6600 and $7300.
BTC/USD 1H Chart
- While it might seem like price has stabilized above $6600, we see a bearish 1H chart. So even in the short-term, the market has not built a price bottom or killed its prevailing bearish momentum.
- We say this because the 1H RSI held under 60, a sign that the prevailing bearish momentum is maintained.
- Also, price is still under the 200- 100- and 50-hour simple moving averages (SMAs), not to mention these SMAs are in bearish alignment.
- We saw price push above $7000 in the past couple of sessions.
- I think struggling to push above $7000 would be a sign of impending bearish breakout below $6600, which should open up the $6000 mark.