Bitcoin struggles to maintain momentum as bears block its path - AMBCrypto
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Bitcoin struggles to maintain momentum as bears block its path

Biraajmaan Tamuly

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Source: Pixabay


Bitcoin was evaluated at $10,342.89 as its price hiked by 0.70% over the 24-hour cycle. With a market cap of $185.48 billion, BTC recorded $14.93 billion exchanging volume in the course of recent 24 hours, at press time. The dominant part of the exchanging volume was produced over the BKEX trade exchange utilizing BTC/USDT pair, as per CoinMarketCap.

1-Hour BTC

In the 1-hour chart, BTC faced resistance at $10,899.51 and $10,426.74 respectively, in addition to getting support at $10,286.66. The digital gold saw a steep downtrend from $10,899.51262 and ended at $10,432.58.

Source: TradingView

Source: TradingView

Bollinger Bands were squeezing, displaying that volatility reduced in the market.

Awesome Oscillator presented a bullish buying opportunity as the short-term momentum was greater than the long-term momentum. The green lines appearing at the end indicated the possibility of a bullish market latterly.

The RSI indicator stood at 56.23, exhibiting that buying pressure was high.

1-Day BTC

In the one-day chart, BTC formed support at $9,987.86. The king coin faced resistance at $12,941.31 and $10,775.34. BTC recorded a sharp downtrend from $12,068.78 to $10,601.86. Previously, digital gold recorded an uptrend from $3,876.56 to $12,927.91.

Source: TradingView

Source: TradingView

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

The MACD line crossed above the signal line, revealing a bullish trend with a slight chance of a reversal in the offing.

The RSI indicator stood at 49.97, displaying that selling pressure was high.

Conclusion

The indicators exhibited that BTC was in the bearish zone.

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.

Disclaimer: AMBCrypto's content is meant to be informational in nature and should not be interpreted as investment advice. Trading, buying or selling cryptocurrencies should be considered a high-risk investment and every reader is advised to do their own research before making any decisions.