Connect with us
Active Currencies 14554
Market Cap $2,669,025,173,130.38
Bitcoin Share 49.87%
24h Market Cap Change $-1.46

Price Analysis: Bitcoin market bulls ward away the grizzly bears

1min Read

Share this article

Bitcoin was expected to respond positively to the launch of Bakkt, however, the coin instead fell by 20% and was being valued at $7,714. The coin has been pushing itself up, but the bears keep pulling it back. The dominance of BTC was noted to fall to 66%, which was earlier recorded to be around 70%.

At press time, Bitcoin was trading at $8,712.61 with a market cap of $147.80 billion. The 24-hour trading volume of the largest cryptocurrency in the world was noted to be $14.96 billion as it fell by 1.75% over the past day. The coin has recorded a minimal fall of 0.08% and the recovery within an hour was also meager, 0.04%.

Source: CoinStats

1-hourĀ 

Source: BTC/USD on TradingView

Source: BTC/USD on TradingView

Resistance- $8,638.78

Support- $7,814.36

Bollinger Bands appeared to have diverged and the moving average rested above the candlesticks, a bearish market might be dominant.

Awesome Oscillator marked a bullish market with reduced momentum.

Relative Strength Index indicated that the BTC was in the oversold zone but was attaining equilibrium.

1-day

Source: BTC/USD on TradingView

Source: BTC/USD on TradingView

Resistance- $12,927.44

Support- $7,842.49

Parabolic SAR reflected a bullish market as the markers aligned above the candlesticks.

Chaikin Money Flow remained above the zero mark, indicating that the money was flowing in the market, making a bullish zone.

MACD line was above the signal line pointing at a bullish market, however, with reduced momentum.

Conclusion

The Bitcoin market, despite some bears, predicted a bullish uprise.

Share

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.
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.
Please check the format of your first name and/or email address.

Thank you for subscribing to Unhashed.