Bitcoin Price Rally Falters as Bulls Fight to Hold the $8.3K Support
Horus Hughes's original article for cointelegraph.com reduced by 71%
After three days of trading in a tightening range Bitcoin price dropped below $8,300, stopping at $8,264 which is slightly below the $8,300 support and the 200-daily moving average at $8,200. As mentioned in the previous analysis, many traders still anticipate that the price will drop to $8,200 where buyers looking to purchase the dip supposedly await. Based on the most recent price action, if Bitcoin price drops below $8,200 traders may look for a bounce at the 50-DMA at $8,000 and below this point, the price could retrace to $7,600 which is aligned with the lower band of the Bollinger Band indicator.
Trading volume has also tapered off and the Bollinger Bands remain wide, suggesting further downside as the most likely scenario if the price drops below the 200-DMA. In the shorter time frame, we can see that bulls have been fighting to hold the $8,300 support and the RSI and MACD are fast approaching oversold regions. If an oversold bounce produces a strong response that allows Bitcoin to reclaim the 50-EMA traders will watch to see if $8,500 presents resistance.
To restore the uptrend, traders will need to push and hold Bitcoin price above $8,800 and $9,134. The overall cryptocurrency market cap now stands at $228.9 billion and Bitcoin's dominance rate is at 63.3%. The majority of top-10 altcoins followed Bitcoin's price action with Bitcoin SV tumbling 9.33%, Bitcoin Cash 7.86% and Litecoin 6.51%.Keep track of top crypto markets in real time here.
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CN [too long; didn’t read]
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