- After touching the major support level of $8500, Bitcoin volume jumped to the level of $8700.
- However, BTC has failed to show any significant movement afterward.
- The volume traded in BTC is also on neutral grounds with no significant momentum.
- The overall dominance of BTC in the crypto market remains at 63.9%.
On the 7day-weekly chart, bitcoin started with a strong level of $9600. However, due to the major pricing correction faced by the world’s largest crypto assets, it touched the major support level of $8500. The support level did the job and provided the boost for BTC which pumped the price to the current level of $8700.
The current price is $8718.03 with an overall gain of 1.71%. The market capitalization is of $159,070,465,917 and volume traded of $21,053,730,740.
There has been a significant decline in the volume traded of BTC. On 26th Feb 2020, the volume traded was around $50.42B. Currently, the level of volume traded is around $21B which is also relatively lower than that of yesterday ($35.25B)
The market capitalization for BTC is also on a declining stage. At the starting of February, the market cap for BTC was ranging around $190B. Currently, it is at the level of $160B.
The significant decline in both volumes traded and market capitalization didn’t impact BTC in a negative manner. However, it can result in pricing consolidation for the crypto assets.
One of the leading crypto news media channels, BlockTV, suggested that BTC might turn to the support level of $6000 and the possibility of that magnitude of pricing pullback is seeing to be very possible.
Some of the known analysts like Joel Kruger and LMAX say that a $6000 area seems very possible as it will provide the support to cross $10k mark again for BTC bulls.
BITCOIN VOLUME TECHNICAL ANALYSIS
The technical chart reflects on the bullish momentum built by BTC from the starting of the year which was followed by heavy price corrections. BTC was unable to break the major resistance of $10,500 and fall back to the major support level of $8500.
The 24-hour CCI had a positive divergence from the oversold territory to avoid any further decline. However, it is still close to the oversold region as compared to that of overbought.
The On-Balance-Volume shows that there haven’t been any significant changes in the volume traded for BTC which may result in price consolidation for upcoming days. However, if BTC is able to cross the current major mark of $9000, it can build sustainable bullish momentum.
The 24-hour RSI is below the neutral level of 50 but is showing capabilities to reach the same. Any rising movement above the level of 50 which favors BTC bulls and vice-versa.
Resistance Level: $9000 and $9200
Support Level: $8500 and $8250.