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- 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%.
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
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
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.
