Bitcoin crashes as the price trend takes a reversal turn to test the major support at $8,500 after having a statics trade around $8,700 and $8,800 for quite a long time. The altcoin market plunges as well, with almost all the major coins dealing in red.
Bitcoin has been ripping off gains as it initially had $9,000 as its support and currently faces friction within the price range of $8,500–$8,900. With this range-bound trading, BTC is unable to fetch gains for its investors as the short-term has remained bearish for quite a long time now.
Bitcoin Price Prediction
BTC price continues to consolidate towards the lower range as it breaks the bond around the price area of $8,700 and $8,600 to test $8,500. As per the daily moving averages, Bitcoin’s current trading price is well supported by 50-day SMA, and all the rest technical indicators direct towards the selling pressure that the coin holds.
Analyzing the intraday movement of BTC/USD on Coinbase, we see that the coin was trading at $8,799 with almost a stable movement throughout today. After 3:00 UTC today, the price of Bitcoin started falling to bottom at $8,593.75 after sliding from $8,756.76. However, a move above $8,600 currently will lead the coin to trade in a slight safe zone, and a probable walk above $9,000 will only confirm the presence of bulls in the market.
The daily moving averages are all grounded around $8,600 and $8,700 price areas, which confirms that if the BTC coin price slides below $8,500, the strong short signal will prevail and may even eye $8,300 and below.
The MACD of Bitcoin is below zero with a slight bearish crossover as the signal line just crossed the MACD line.
The RSI of the coin is at 40 and shows an inclination towards the oversold region to a major extent.