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Bitcoin Price Analysis: Bitcoin Bulls are Struggling above $8k

Bitcoin Bullish

  • Bitcoin price declined by 1.18% against US Dollars today, the bitcoin bulls are struggling to hold support above $8000 mark.
  • The MACD is showing the bearish signal and red zone, the RSI level of the currency is also beneath 50 levels.
  • Support areas are found at $8,000 and $7,800.
  • Resistance areas are found at $8,250, $8,300 and $8,500.

Currently, the number one currency of the crypto market is struggling to stay above the mark of $8k and the market has also not totally out the hands of bears. The bears are still ruling over the market and bulls are trying to regain their positions. Some of the currencies today are enjoying the bullish values but most are still affected by the bearish correction. Here is the value analysis of Bitcoin.

Current Price Status of Bitcoin (BTC): Currently, the currency is trading at the value of $8,184.08 and the currency is decreasing by 1.18%. The market capitalization of the currency is $147,090,004,928 and the 24-hour volume of the currency is $14,220,697,190. The circulating supply of Bitcoin is 17,972,700 BTC and the ROI of the currency is 5,948.84%.

Bitcoin started this year with good momentum and with time the currency moved forward, but the bearish correction made the value go down very quickly. The experts are saying if the currency doesn’t stay above the value of $8k then it could drop up to the support level of $7,800. Even before this, the currency broke out beneath the value of $8,300 and the pair of BTC/USD dropped below the $8,200 support level under the bearish pressure.

Near the value of $8,200, there was a close beneath that and also near the hourly SMA of 100-day. The last bullish movement was also around the value of $8,300 before the currency dropped up to the support level of $8,200. There was a break beneath the 50% level of Fibonacci retracement from the high of $8,539 and low of $7,659 of the forward motion. The value examined the support of $8k.

Also, the currency also examined the 61.8% level of fib retracement from the high of $8,539 to a low of $7,659 of the forward move. The hourly chart of the BTC/USD shows that the currency is making a decreasing channel around the resistance of $8,260. If the currency break beneath the $8k under the bearish pressure it could lead the value towards $7,800. There is again support is there around the 76.4% Fibonacci retracement level of the high of $8,539 to the low of $7,659 and near the value of $7,850.

On the other hand, if the currency moves along with bulls then there is a strong resistance level near the value of $8,250 and an hourly SMA of 100-day. Also, there is a break in the value overhead the values of $8,250 and $8,300. If the currency crossed both these values then it could move towards the $8,500. However, the chances are that the currency could break the value of $8k and drop below. The experts are also saying that the currency could move towards the support area of $7,800 before starting with a good increasing of going towards the value of $9k.

The MACD is showing the bearish signal and red zone, the RSI level of the currency is also beneath 50 levels. The main resistance levels are near the value of $8,250, $8,300 and $8,500 and the main support levels are new the value of $8,000 and $7,800.

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About Arushi Dubey

Arushi Dubey is a student of Bachelor in Arts( Psychology). She is pursuing Psychology in arts with English literature and French Language. She is well versed in the English language. She is good at expressing her thoughts into words. She is still getting more and more trained in gathering knowledge related to Crypto Currencies and expressing them.

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