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Bitcoin [BTC/USD] Price Analysis: Cryptocurrency enjoys short term gains as market sees green

Akash Anand

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Bitcoin [BTC/USD] Price Analysis: Cryptocurrency enjoys short term gains as market sees green
Source:Pixabay

The cryptocurrency market closed the week painted green. The bull’s visit to the market caused almost all the major cryptocurrencies like Bitcoin [BTC], Litecoin [LTC] and Bitcoin Cash [BCH] to climb the charts. Bitcoin, the largest cryptocurrency in the market was helped by the price rise and was holding strong above the $4,000-mark.

1-hour:

Source: Trading View

Source: Trading View

Bitcoin’s one-hour graph showed a recent downtrend that resulted in the price dropping from $4,033.92 to $3,998.03. The support was at $3,891.82, while the short-term resistance was at $4,039.78.

The Bollinger Bands converged a bit, which was a sign of price movement stagnating and a lack of significant price outbreaks.

The Parabolic SAR was below the price candles, which stated that the cryptocurrency’s price was pumping and that Bitcoin was in a bullish scenario.

The Chaikin Money Flow indicator was above the zero-line because the capital coming into the market was more than the capital leaving the market.

1-day:

Source: Trading View

Source: Trading View

The one-day chart of Bitcoin painted a similar picture as the downtrend caused the price to fall from $6,274.87 to $4,071.39. The long-term support was at $3,127.02.

The Relative Strength Index was close to the overbought zone, which meant that the buying pressure was significantly more than the selling pressure.

The MACD indicator did not show a positive sign for Bitcoin in the long term as the signal line and the MACD line moved together after a bearish crossover. There was also a lack of movement in the MACD histogram as well.

The Awesome Oscillator was in a lull compared to previous instances due to a reduced market momentum.



Conclusion:

The above-mentioned indicators stated that in the short-term, Bitcoin would enjoy sporadic bullish rise, but in the long run, the cryptocurrency still would have to go a long way to reach its previous price valuation.





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Analysis

Top Losers: XRP, Bitcoin Cash [BCH], Litecoin [LTC] & EOS bleed as Bitcoin [BTC] falls below $5,600

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Top Losers: XRP, Bitcoin Cash [BCH], Litecoin [LTC], EOS [EOS] bleed out as Bitcoin [BTC] descends below $5,600
Source: Pixabay

Bitcoin’s [BTC] rise has been cut short, with the king coin’s fall below $5,600 triggering a market downturn. In its wake, several coins were leaving a trail of red, bleeding out the gains mounted over the past week. These included XRP, Bitcoin Cash [BCH], Litecoin [LTC], and EOS [EOS] with several coins following suit.

Source: TradingView

XRP witnessed a massive decline of over 8.5 percent, leading to its price being thrown off a cliff. As Bitcoin began its descent, XRP saw its price, which was holding steady at $0.33, drop to under $0.30 within a matter of hours. The coin’s market cap also took a heavy hit, losing over $1 billion since the bears attacked.

Bitcoin Cash, just weeks after overtaking Litecoin and EOS, was subjected to its big brother’s bearish onslaught, dropping by over 8.86 percent over the past 24-hours. Bitcoin bulls had previously pushed the coin’s price past $300, but less than a day later, the price dipped below $280, a testament to the severity of the market correction. Within the same period, the market cap dipped below $5 billion, and was $4.91 billion, at press time.

Despite some bullish behaviour in the wake of the impending halving, Litecoin could not escape the digital gold’s bears. LTC’s price also dipped by 8 percent, dropping from $79.35 to $72.20, over the past 24-hours. Market capitalization also took a severe hit, with the coin losing over $400 million since the downtrend began.



EOS, mirroring XRP’s movement, fell by 8.35 percent over 24 hours. After weeks of trading just below the $6 mark, EOS was pushed below the $5 mark, plummeting to $4.91. The market cap for the fifth largest cryptocurrency in the market dropped by almost 9 percent since April 23, losing around $400 million. It was valued at $4.64 billion, at press time.

The bearish trail did not end with these coins, with the collective market marred in a sea of red. Other notable losers were Stellar Lumens [XLM], Cardano [ADA], and Tron [TRX]. Bitcoin SV [BSV] and Binance Coin [BNB] also lost considerable ground, but their reasons are unlikely to be tethered to Bitcoin.





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