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.