Bitcoin Price Faces Minor Drop After Failure to Pass Key Resistance

Bitcoin price is vulnerable to modest slippage as the persistent failure to beat a key moving average hurdle may embolden the bears.

The sideways moving 50-day exponential moving average has proved a tough nut to crack since Saturday.

BTC's inability to cross the 50-day EMA for four straight trading days indicates that the bullish move from the Sept. 19 low of $6,100 has likely lost momentum.

As of writing, BTC is changing hands at $6,580 on Bitfinex, having faced rejection at the 50-day EMA hurdle of $6,649 earlier today.

As seen on the daily chart, the 50-day EMA is capping the upside in BTC. It is worth noting that BTC is trading below all three major moving averages - 50-day, 100-day, and 200-day EMA - and that could be considered a bearish sign.

These averages are flatlined, which indicates that BTC has lacked a clear directional bias for far too long.

As a result, a big move in either direction is overdue.

Over on the 4-hour chart, BTC is trading just below the lower edge of the ascending triangle, meaning the bull failure at the 50-day EMA is beginning to prove costly.

View BTC's persistent failure to move past the 50-day EMA could end up yielding an ascending triangle breakdown on the 4-hour chart.

On the higher side, acceptance above the 50-day EMA of $6,649 would put the bulls back in a commanding position.