Bitcoin (BTC) Price Analysis: Bitcoin Price Fall Arises Major Concern For Cryptotraders

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Vasu Singhal
Vasu Singhal is a management student and a stock market trader. He believes that investment avenues and opportunities are very diversified. Therefore, he has an interest in blockchain technology too. He likes to evaluate best investments available in the financial market with showcasing the required skills.
  • The major downfall since the past few days for BTC has now arisen major concern among the crypto-investors as BTC price falls below $8k mark.
  • Currently, it is facing an overall loss of -2.83%.

btc price
Source: coinmarketcap

On the 7day-weekly chart, the major ongoing downfall can easily be noticed. BTC price was pushed below the level of $9k firstly due to the oil price war between Russia and Saudi Arabia, BTC plus token scam and the outbreak of COVID-19.

It was expected that BTC will find relief on $8K mark but the crypto market forces had something else to offer to the world’s largest crypto asset. BTC plunged below $8k and rested at the price level of $7900. Yesterday, BTC had price recovery to the level of $8200 which gave the market a sense of relief.

However, in today’s market, the bears came more strongly and forced the BTC price to reach a crucial support level of $7800. The current market capitalization is $143,706,006,031 and volume traded is $38,637,447,049.

Today’s downtrend has now made price recovery to $8k level a challenging task. Also, the bears are looking stronger which may force the price to drop to the level of $7k also.

Bitcoin Technical Analysis

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Screenshot (70)
Source: Tradingview

The technical chart reflects on the significant downfall faced by BTC for past few days. The downfall has brought the crypto assets to the level of $7800.

The technical indicators and oscillators are making slight recovery in the levels but still possessing down-trending nature.

The MACD levels have taken a sharp negative divergence to the bearish zone again which is not a good sign for the crypto assets. However, there seems to have a slight bullish cross that may provide buying volume for BTC.

The 24hr- RSI had taken positive divergence from the oversold region and have reached a level of 40 but still possessing down-trending nature in the graph.

The 24hr-CCI had touched the depth of oversold region but got positive divergence and managed to reach the normal region.

Resistance level: $8100 and $8500

Support level: $7800 and $7500

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