Connect with us

Analysis

Bitcoin [BTC] Price Analysis: Coin falls as bulls withdraw from coin market

Namrata Shukla

Published

on

Bitcoin [BTC] Price Analysis: Coin falls as the bull recedes
Source: Pixabay

The largest cryptocurrency in the market, Bitcoin [BTC], saw the bull make an entry and lift the coin’s prices.

However, this was a short-lived trend as the coin fell in the past hour, at the time of writing. The token was valued at $4,017.70, with a market cap of $70.69 billion. The token noted a 24-hour trading volume of $8.5 billion, while it was falling by 0.72% within the past hour. BTC noted a meager growth 0.06% over the past day and by 1.93% over the past week. However, the coin did manage to maintain its price above 4k.

1-hour

Source: Trading view

Source: Trading view

The one-hour chart for BTC indicated an uptrend from $3,850 to $4,013.02, after which the price of the coin started to decline. The downtrend extended from $4,013.01 to $3,977.77. The largest token drew resistance at $4,013.02. However, due to the falling price, the token failed to mark definitive support.

Bollinger Bands pointed towards a bearish market as the moving average line was above the candlesticks. The bands appeared to have diverged, suggesting increased volatility in the market.

Awesome Oscillator marked a weakened bearish trend.

Chaikin Money Flow indicated a bearish market for the coin as the marker was under the zero mark.

1-day

According to the token’s one-day chart, a massive downtrend was observed from $7,359.99 to $3,990, followed by an uptrend from $3,184.28 to $3,846.79. The token traced resistance at $4,110 and support at $3,344.

Parabolic SAR pointed towards a bearish market as the markers were above the candlesticks.

MACD line was above the signal line after a crossover. However, the lines appeared close to each other, indicating another crossover soon.

Relative Strength Index indicated that the buying and the selling pressures had evened each other out. However, the indicator was closer to the overbought zone.



Conclusion 

According to a majority of the indicators like Bollinger Bands, Awesome Oscillator, Chaikin Money Flow, and Parabolic SAR, a bearish trend was forecast for the coin.





Subscribe to AMBCrypto’s Newsletter


Bitcoin

Bitcoin [BTC] surges above $5,500 and breaks major resistance level; collective market rises

Avatar

Published

on

Bitcoin [BTC] surges above $5,500 breaking major resistance level; collective market surges
Source: Pixabay

Bitcoin [BTC] broke out of its sideways trend that saw coins fall after a brilliant start to April. This “break-out” is especially significant since it came days after the coin was trading sluggishly, pulling the market cap below $175 billion.

After breaking the $5,200 level on April 16, the coin held steady, showing no noticeable dips. However, it also began losing the momentum it had gained when it rose by 15 percent on April 2. Many saw the past week as Bitcoin losing steam, opining that a drop to as low as $4,000 would manifest. This pessimism coupled with the delisting dilemma saw the global market decline by 3.31 percent over the past weekend.

Given this backdrop, the present Bitcoin price incline was even more bullish for the collective market. Further, this was not just an effort to shrug off “sideways bears,” but instead, two key levels were broken in order to usher a collective market rise and sustain BTC bullishness.

Source: Trading View

RESISTANCE

The first, as indicated by eToro’s senior market analyst Mati Greenspan, was the resistance level of $5,350. When Bitcoin began to consolidate following the early April high, Greenspan stated that if the BTC price were to punch above the aforementioned level, it “would likely serve as confirmation that we’re pushing higher and will lead to further buying pressure.”

Greenspan stated that the $5,350 level acted as a major support level throughout 2018. Hence, it is incredibly important that Bitcoin surge above it in the next rise to consolidate buying pressure. Another important point to signal the coming of a bullish market was the 200-day moving average which Bitcoin has stayed above since the April 2 rally.

PSYCHOLOGY

The other significant level for the collective market is Bitcoin’s ascendance over $5,500, which it managed courtesy of this rally. Many, including Greenspan, pegged $5,000 as a key psychological level for the coin and hence, the rise above $5,500 less than three weeks after $5,000 was broken will bring back optimism to the BTC market.



Further, as was seen in the April 2 rise, the Bitcoin pump resulted in the king coin increasing its market dominance. At the close of March, Bitcoin was edging closer to losing the majority. However, the rally saw its share increase to 52.4 percent within a day. Following this recent 4.61 percent increase against the US Dollar, the king coin’s dominance increased to 53.2 percent.

Given the elasticity of the collective market to changes in Bitcoin’s price, the market was awash in green as Bitcoin broke the resistance and psychological levels. Amid this bullish charge, some coins stood out for their above-average gains, which included Bitcoin Cash [BCH], Cardano [ADA], EOS [EOS], Litecoin [LTC], and the exchange-ousted Bitcoin SV [BSV].





Subscribe to AMBCrypto’s Newsletter


Continue Reading

Trending