Price Analysis

Bitcoin (BTC) Trades Around $8.8k as We Enter the Halving Month

  • Bitcoin, at the time of writing this analysis, was trading around $8.8k after having a notable intraday pullback from a 2-month high of $9.2k
  • However, the BTC price trend is still drawing a fine uptrend from the closing hours since yesterday until the press time
  • No wonder, if $8.8k will also be an accumulating region like the prior ones at $7.7k and $7.5k
  • The pair retains slight support from 50-day and 200-day MA on the intraday chart around $8.7k price area
  • The MACD and signal line appear flat due to no lack of steady traction after plummeting below $9k
  • The 20-day Bollinger Bands laid are seen squeezing and the price trend breaches above the upper Bollinger Band as the intraday appears slightly gaining

Bitcoin Price Analysis

Bitcoin News
BTC/USD Chart By TradingView

On the intraday chart, Bitcoin appears flat after plummeting below $9k over the past 24 hours. Prior to this, the BTC price was seen drawing a winning streak for two days straight. However, as we enter the halving month, which was waited for the longest time now in order to see a massive price pump, a price accumulation now will be betraying. At this trading zone, $8.7k is the major support to watch out for, while, $9k followed by $9.2k, is the major resistance.

The 20-day Bollinger Bands are seen widening, which means that the price trend is likely to hit either of the extremities, which we believe will hold a positive crossover as per the current momentum.

The technical indicators are drawing a mixed picture as the MACD holds a slight bullish crossover yet appears flat as there happens to be no steady direction alongside the RSI of Bitcoin lies around 56.90 with no trading extremities at present.

Tags

Mehak Punjabi

Mehak Punjabi is a post graduate in MBA with specialization in Finance and has joined CryptonewsZ with a skill building view in the world of cryptocurrency and blockchain. She is dynamic and a quick learner with a hold on financial analysis.

Related Articles

Back to top button
Close