Connect with us

Analysis

Bitcoin fails to record growth as bear bites the digital gold

Published

on

Source: Pixabay

Bitcoin [BTC] was trading at $9,941.18 at press time, recording a dip of 0.87% over the 24-hour cycle. BTC’s market cap stood at $178.47 billion with a trading volume of $12.61 billion recorded for the last 24-hours. According to CoinMarketCap, the major portion of the trading volume was created over the RightBTC exchange for BTC/USDT pair.

Source: CoinStats

Source: CoinStats

1-Hour:

In the 1-hour chart, BTC faced resistance at $10,277.77, with the support laid at $9,891.46. The king coin saw a steep downtrend from $10,286.86 and ended at $10,055.07.

Source: TradingView

Source: TradingView

Parabolic SAR pointed a bearish trend as the dotted markers were present above the candles.

The MACD line crossed below the signal line, pointing towards a bearish trend with a slight chance of a reversal.

The RSI indicator stood at 38.25, displaying that selling pressure was high.

1-Day:

BTC saw a support at $9,78.41, while it faced resistance at $12,854.28 and $10,332.60. The coin recorded a sharp downtrend from $12,470.55 to $10,332.60. Earlier, the digital gold recorded an uptrend from $4,896.04 to $12,891.25.

Source: TradingView

Source: TradingView

Bollinger Bands were squeezing, showcasing a reduced market volatility.

The CMF indicator stood at 0.06, indicating that money flowing into the market was slightly higher than the money flowing out of the market.

Awesome Oscillator presented a bearish selling opportunity as the long-term momentum was greater than the short-term momentum.

Conclusion

Indicators revealed that BTC failed to mark any significant growth with its price, falling below $10,000 mark.

Where to Invest?

Subscribe to our newsletter

Biraajmaan covers market trends of major cryptocurrencies. As a graduate in engineering, his interests lie in Blockchain technology. With over a year as a journalist, his articles focus on US and UK markets.

Click to comment

Leave a Reply

Your email address will not be published. Required fields are marked *