Bitcoin market to lay in the Bearish soil for long  - AMBCrypto
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Bitcoin market to lay in the Bearish soil for long 

Namrata Shukla

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Source: Pixabay

Bitcoin had noted tremendous growth in the first half of the year, however, that rise has been deeply impacted by the bearish market. The coin, recently on September 24, fell by a whopping 24% causing its price to slip under $9k and ever since Bitcoin has been struggling hard to make a recovery. At press time, Bitcoin’s price stands at $8,249.93 with a market cap of $148.55 billion.

Source: Coinstats

Source: Coinstats

1-hour

Source: BTC/USD on TradingView

Source: BTC/USD on TradingView

Resistance- $8,328.94 and $8,451.67

Support- $7,874.24

Bollinger Bands appeared to be converging and the moving average indicated a bearish market as it laid under the candlesticks.

Awesome Oscillator indicated a meager bullish trend with barely any momentum.

Chaikin Money Flow was under the zero mark, indicating money was flowing outside the market. Thus, terming a bearish presence.

1-Day

Source: BTC/USD on TradingView

Source: BTC/USD on TradingView

Resistance- $12,977.58

Support- $12,076.12

Parabolic SAR indicated a bearish market as the markers aligned above the candlesticks.

MACD line was over the signal line, marking a bullish market.

Relative Strength Index indicated that the buying and selling pressures have reached equilibrium.

Conclusion

According to the indicators, Bollinger Bands, Awesome Oscillator, CMF, Parabolic SAR, and MACD, the Bitcoin market was predicted to continue its bearish run.

Namrata is a full-time journalist at AMBCrypto covering the US and Indian market. A graduate in Mass communication, while majoring in Journalism, she writes mainly about regulations and its impact with a focus on technological advancements in the crypto space.