Bitcoin Price Analysis: Bears are trying to make a comeback, but the market is currently stable
Bitcoin was trading at $9664.07 at press time with a total market cap of over $172 billion with a 0.30% rise on the 24-hour price chart.
In the one-hour price, chart Bitcoin is forming immediate support at $9380.79 while the immediate resistance is at $9701.79. BTC was showing an upward trend from $9587 to $9790.
The Bollinger Band indicator used in the chart indicated decreasing price volatility from 29th August, leading to minimal fluctuations in prices.
The RSI indicator indicated that BTC was oversold on 29th Aug for some time showing a bearish trend in the short term and then the fluctuations stabilized towards the latter end of the day suggesting buying and selling of BTC evened each other out.
The MACD indicator suggested a bullish trend as the blue line hovered over the red line.
1-Day BTC Chart
In the one-day BTC chart, the immediate support was at $9136.49 and the next support was placed at $7480 while the resistance was forming at $12265.55. The market witnessed a downward trend from $13,106 and the fall continued since then.
The Parabolic SAR indicator indicated that the markers are above the candle since 13th Aug suggesting a bearish trend and it has continued to be above since then.
The Awesome Oscillator indicated that the trend has been fluctuating in the long run and slightly bearish in the short term.
The Chaikin Money Flow or CMF showed that the money is flowing into the market from the start of August and while it tended to be slightly on the bearish side on 29th August, but it was for a very short period of time.
Bitcoin’s price continued to consolidated after dropping below $10,000 as the bears loomed large behind the token.