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- Bitcoin has reached the major support level of $8500 and BTC bulls are expecting to takeover.
- The heavy selling in the bitcoin volume has forced it to drop from $8800.
- The overall dominance of BTC in the cryptomarket remains at 64.05%.
Bitcoin is again on the downtrend beside several other major altcoins gaining positive momentum in the market. It started with the price level of $8,800 and the bears forced it to drop today’s low level of $8550. The current price of BTC is $8552.05 with the market capitalization of $156,001,722,291 and 24h bitcoin volume traded of $17,194,956,041.
Now as the major support level of $8500 will come into play, it will be interesting to see how BTC will move ahead in the market. Further downfall will result in BTC reaching a level of $7000 in no time. However, if the support level does the job, we can witness bitcoin breaking the major resistance of $10,500.
However, if the support level doesn’t provide the required boost, the cryptomarket will completely be dependent on the bitcoin halving. Bitcoin halving has always provided a positive impact on the pricing of bitcoin.
The technical graph shows the price movement of bitcoin this month with the help of a constructive line which reflects on the sudden downfall. On monthly performance, BTC attempted to break the major multi-resistance mark of $10,500 in which it got failed and now dropped to the crucial support level of $8,500.
Under BTC analysis, the technical indicators and oscillators indicate that the support level might provide the much-awaited positive momentum. RSI is climbing above the level of 40. Any rise in the level above 55 will favor BTC bulls immensely.
CCI had also taken positive divergence from the oversold region which is again a good sign for BTC bulls. MACD levels represent the current selling phase for the BTC but the tendency of a bullish cross is very high.
Resistance Levels: $9200 and $10,000
Support Levels: $8500 and $7800
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.
