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- For the 3rd time, BTC prices crossed $10,500 mark and faced price corrections.
- However, the downside correction below $10,000 is still intact.
For the past four days, the BTC price has been trembling between the price band of $10,000-$10,500. Currently, with the massive market capitalization of $186,483,068,279 and the 24H volume traded of $46,828,214,305, BTC controls 61.43% of the crypto market.
The technical charts reflect the bullish momentum of bitcoin alongside minor price corrections for the past few days. The CCI remains in the overbought territory which indicates that it may face price corrections in the future also. However, MACD levels indicate strong buying momentum for bitcoin in the crypto market.
The major concern for bitcoin is decreasing market dominance. The altcoins are gaining momentum against bitcoin which can support by the market dominance which is at its lowest mark (From 68% to 61.43%) since July 2019.
All the movements like multi-resistance and decreasing market dominance indicate that bitcoin still needs time to crossover $10,500 and build a long term bullish momentum from here.
As we have noticed a direct affecting relationship between the volume traded and price of bitcoin, OBV indicates that the minor decline in volume can force BTC to touch its support levels. However, with the rise in volume, the price of BTC also increased forming the parabolic curve.
1st and 2nd case marked in the graph indicates that BTC has built strong positive rallies with the increase in volume. However, currently, OBV is sloping downwards which indicates that there’s more left of price correction for BTC against USD dollar.
Major resistance level: $10,500
Major support level: $10,150 and $9,750
Cryptomarket’s Opinion on BTC Prices
Crypto Micheal, one of the known technical analysts in the crypto market suggests that the major resistance of $10,500 will force BTC price to drop below $10,000 and touch the major support level of $9,750. But having said that the strong potential of BTC bulls witnessed this year is a strong indicator for a big future bullish rally.
Talking about long-term investments, Crypto Rand, one of the significant crypto analyst suggests bitcoin will surely touch the dream mark of $100,000. The blockchain advisor suggests that crypto traders should not be distracted by small price corrections which are occurring under the price of $20,000.
Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.
