Bitcoin's (BTC) bulls are struggling to push prices higher, despite a still-favorable short-term set-up on the technical charts. The bullish bias has strengthened further in the last two days too, courtesy of a bullish Bollinger band breakout and a bullish crossover between the 5-day and 10-day moving average (MA). bitcoin refused to embrace the negative narrative on Wednesday after the $31 million hack of South Korea's Bithumb exchange, indicating that the sellers are likely running dry.
Despite all this, though, the cryptocurrency has struggled to find acceptance above $6,800 in the last 72 hours, as seen in the chart below.
Daily chart
Bitcoin printed intraday highs above $6,800 in the last three trading days (as per UTC), but still closed well below the $6,800 mark.
At press time, BTC is changing hands at $6,730 on Bitfinex.
4-hour chart
The chart shows BTC has created a rising wedge – a bearish continuation pattern. A break below $6,550 (rising wedge support and 50MA support) would put the bears back in the driver's seat and allow a drop to $6,000.