Bitcoin Making Little Headway as Resistance Caps Price Gains

View Bitcoin is struggling to cross the 50-day moving average hurdle for the fifth straight day.

A convincing move above $3,630 would revive the short-term bullish outlook and open the doors to $3,730 - the neckline of a potential inverse head-and-shoulders bullish reversal pattern on the 4-hour chart.

Bitcoin's struggle to cross a key moving average lined up above $3,600 is a cause of concern for the bulls.

The bullish case appears to have weakened and the probability of a drop to levels below $3,400 would rise if the 50-day MA hurdle remains intact for another 24 hours.

As seen above, the odds are stacked in favor of the bulls: the 5- and 10-day MAs are trending north, validating the falling wedge breakout.

The 14-day RSI is reporting bullish conditions above 50.00.

BTC is struggling to find acceptance above the 50-day MA, currently at $3,629.

As a result, a convincing move above that average is needed to revive the short-term bullish outlook.

A break above the neckline resistance, currently at $3,730, would confirm a bullish breakout and could be followed by a move higher to $4,130.

While a break above the 50-day MA would revive the bullish outlook, only an acceptance above the neckline hurdle of $3,730 would put $4,000 back on the table.