Bitcoin Price Analysis: BTC Returns from Momentary Upsurge; Crypto Market Goes Bearish
- Bitcoin slips below its major support level of $10,000 and $9800 in the past 24 hours.
- The market continues to oscillate between the bulls and the bears.
- If BTC price slid and plunges below $9500; it is ought to incur losses.
Bitcoin (BTC) sighed relief to its loyalists and investors after it got traded in the bullish zone yesterday. But what do we see today? BTC to USD below its major support level of $10,000 and went as low as $9700 in the past 24 hours.
The question lies, how long will it take for BTC to come out of the loop and trade persistently above its major support level? Get more details about Bitcoin predictions from our forecast page.
BTC/USD Chart:
Bitcoin is currently trading at $9736.9, even below its major support level of $10,000 and $9800 at 05:53 UTC as on 26th July. The Market Cap of the coin slips from $176 billion to $174 billion when compared with the market scenario yesterday. The volume of the coin has also been declined to $14,836,822,975, along with a fall in the price and the market cap.
Yesterday, the coin surged well above $10,000 but could not hold and again started a downward stride where the coin slipped by 4.38% in 24 hours trading from $10,1830 to its current trading price. In between it even went as low as $9658.0.
Technical Indicators and Bitcoin Price Prediction:
Bitcoin is currently facing selling pressure. This selling pressure is marked as the return journey that made the coin to trade well below $10,000 after making efforts towards $11,000 during the past weekend.
The current technical analysis also speaks about the rapid oscillations in the coin.
The current trading price is 13% and 9.8% more than the coin’s 100-days SMA ($8582.17) and 100-days EMA ($8867.72).
The MACD of the coin is out from the negative impact but manifests a bearish crossover as the signal line crosses the MACD line.
The RSI of the coin is well above 50 and does not show any extremities of being overvalued or undervalued.
The trend line also exhibits the downward stride of the coin from its yesterday’s trading price.
With this, the coin is expected to move towards a fresh uptrend soon and trade around $15,000 to $20,000 by the end of the year, as per our Bitcoin price prediction.
