Bitcoin (BTC) Lacks Steady Support and Awaits Possible Breakout

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Bitcoin continues to trade around $9.2k while the altcoin market experiences steep surges as the smart contract-based blockchain platforms make breakthrough developments and extend their services in all the possible sectors. BTC price trend has been moving with almost a flattish curve over ten weeks now with the intermittent rise and dips at $10.5k and $8.8k, respectively.

Although Bitcoin turns flat and lacks momentum, BTC lovers and loyalists are not hopeless and await the possible breakout anytime soon. BTC is notably distant away from losing its charm this soon and is marking recognizable entries in all the possible branches.

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It was just in the recent past when Bitcoin was encircled by PayPal’s contemplation to introduce direct sales of crypto assets and extending services to store their crypto using its digital wallet. However, the recent upgrade about the previous news, the massive tech giant legitimately confirmed that it is in action to develop capabilities in the cryptocurrency space. PayPal has 300+ million users, and this is going to be a big leap for crypto investors to have it all in one place.

Just as mentioned above, although Bitcoin lacks momentum, the spark is not gone, and in recent news after PayPal’s, Zimbabwean authorities suspend the services of Mobile Money Operators (MMO) after endless clashes. Now, it plans to opt for Bitcoin, and Zimbabweans have realized sooner than later that BTC is much more beyond being just an investment and avenue and cannot be banned if it is started using by masses efficiently and effectively.

Bitcoin Price Analysis

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BTC/USD Chart By TradingView

Bitcoin, irrespective of recent news regarding the increase in its use case, is not performing well on the trading front as the price stagnates. BTC/USD price trend on the 8-hourly chart confirms the lack of traction over the past ten weeks now with a brief rise above $10k and dips below $9k.

BTC is holding strong support at $8.8k, and a break below $8.8k till $8.5k will be a turn towards being bearish. The 20-day Bollinger Bands are seen squeezing as the breakout is overdue. However, the historical data speaks that Bitcoin and other influential cryptos have pumped right after the alt season, and we await the same.

The technicals are confirming the lack of traction, and the MACD has turned flat with intraday bearish candlesticks, and the RSI of BTC is lying at 48.79 with no trading extremities seen.

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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