Price Analysis

Bitcoin Declines Yet Appears Bullish as it Rises Above $9,700

Bitcoin, at the time of writing, was trading at $9,786.28 on Coinbase after having hit an intraday low at $9,705.22. This steep fall has led the coin towards a “death crossover” as the 200-day daily MA is crossing above 50-day daily MA as the BTC price consolidates below $10,000 for the second day.

However, the price correction has never been a new thing amidst the Bull Run, and we believe this to be momentary as BTC possess stronger signs of a bullish divergence. Having said this, the weekly support lies at $9,600 and resistance lies at $10,200. The intraday trading until the time of writing has been quite better at the coin attempts to rise above the hit bottom.

Bitcoin Intraday Price Chart

Bitcoin Price News
BTC/USD Chart by TradingView

After having a steep slide from the supports at $9,800, the price of Bitcoin is seen consolidating above the hit bottom, which is exhibiting a bullish divergence.

Bitcoin Price Analysis

BTC News
BTC/USD Chart by TradingView

Analyzing the 4-day movement of BTC/USD on Coinbase, we see that the coin is facing a dearth of pace and momentum to rise above $9,800. However, if compared, the intraday movement manifests a slow yet growing trend from the marked bottom at $9,705.22. The assigned 20-day Bollinger Bands are having moderate band width and is believed to have no volatility at present.

Although, we do not consider this to be an ultimate end of the Bull Run until we get the consequent lower lows over the period of time, as the market is subject to volatility.

Technical Indicators

Bitcoin (BTC) Price
BTC/USD Chart by TradingView

The technical indicators assigned confirm about the intraday positive move as the MACD of Bitcoin is likely to cross above the signal line as the coin hits above the bottom.

The RSI of BTC is at 56.90 and is seen rising away from the support at 30.

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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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