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Bitcoin Price Analysis: Bulls Are Trying to Defend Support

Current Status of Bitcoin (BTC): Currently, the currency is trading at the value of $8,410.11 and it’s value decreased by 1.62%. The market capitalization of the currency is $151,265,986,656 and the 24-hour volume of the currency is $19,747,954,157. The circulating supply of the currency is 17,986,212 BTC and 6,115.90%.

Bitcoin Price Analysis: The first ranking cryptocurrency in the market, Bitcoin is going under serious bearish pressure. Bitcoin is trading below the $9k mark and the currency also experiencing a decrease from the value of $8,950. However, the currency is trying to hold support. Most recently the currency has experienced the increase near the resistance levels of $8,600 and $8,650.

Today, the value was trading at $8,647 at 10:24 UTC, but it didn’t stay there for long and started to decline. A few days ago the value of Bitcoin also went above the resistance level of $8,800 and stayed overhead the hourly SMA of 100-day. The currency created a new high value of the week around the value of $8,934 while trading close to the value of $8,950. But the currency soon decreasing below the value of $8,800.

The value of the currency also broke the fib retracement level of 61.8% of the upside form the low of $8,457 to a high of $8,934. On the hourly chart of the Bitcoin, a big red candlestick figure is created on the value below the $8,600. The currency was also trading beneath the value of $8,457, but the support level of $8,400 is defending the Bitcoin. On the hourly chart of the pair of USD/BTC, there is a bullish trend line creating around the support level of $8,400.

Bitcoin has a strong support level near the values $8,350 (earlier resistance level) and it also shows the fib extension level of 1.236 from the upside from the low of $8,457 to a high of $8,934. The key support is at the value of $3,315 and it intersects with the hourly SMA of 100-days. If the currency goes down near the value of $8k then the bulls will have the control of the currency.

On the other hand, if the currency goes upwards then the closest resistance levels are $8,550 and $8,600. The key resistance levels of Bitcoin is close to the value of $8,660 and $8,800. The experts think that the value will first trade near the value of $8,300 before achieving the new high values in the market. The chart of the bitcoin is displaying the bearish indicators from the high of $8,934 and it also got rejection near the value of $9,000. It is currently trading around the support level of $8,400 and chances are that it might test the support level below this of $8,350 and $8,300.

On the hourly chart, the MACD is in the bearish red zone and RSI is beneath the level 50. The main support levels are $8,400, $8,350 and $8,300 and the main resistance levels area $8,550, $8,660 and $8,800.

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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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