Price Analysis

Bitcoin (BTC) Trades Stably; Lightens the Selling Pressure

  • Bitcoin moves beyond the ‘strong selling pressure’ that it withheld from quite some time now
  • BTC’s current trading price gains support from the short-term Moving Averages
  • It holds the major support around $7,300 and $7,250, while the major resistance at $7,650 price area

Bitcoin has been trading with utter stability for two days now, as observed from a 5-day timeframe. The first half of the past five days was a prototype of a rising wedge that seems to have been broken by the recent fall and stability. However, the bearish outlook still prevails even when the selling pressure has lightened due to short-term MA support.

Bitcoin Price Prediction:

Bitcoin Chart
BTC/USD Chart by TradingView

Analyzing the past 5-day movement on Coinbase, we see that the coin was initially soaring above $7,500 at $7,777, with a temporary upside green candle. The lowest in the said time frame was recorded below $7,100 after the extreme height.

However, the BTC price then shifted in the marked range of $7,300 to $7,650, to a major extent. BTC currently trades at $7,496.01, which happens to be the midpoint of the said range and embraces the opaque selling pressure it withholds. However, the movement is majorly stabilized.

The uptrend that was expected to form a rising wedge is shaken by the volatility and has overlooked to plunge from trading above $7,500 to the current trading price—at the time of penning down.

Technical Indicators:

The MACD of the Bitcoin is running above zero but holds a bearish crossover as the signal line overpowers the MACD line.

The RSI of BTC is 49.41, which seems to be rising away from the oversold region.

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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.

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