Price Analysis

Bitcoin Trades Extempore; Tests Support Around $8,300

  • Bitcoin exhibits a slow momentum since a notable time period now
  • BTC price faces the major and imminent support at $8,000
  • There has been no growth in the trading volume of the digital asset that can pump up the current investors

Bitcoin trades with an exceptional doom as it tests the major support levels at $8,500, $8,300 and $8,000. The Market Cap has been on a declining trend as well, which shows that there is no rotation in the global crypto market. Just as the year approaches the end, the major breakthrough would be the closing price of Bitcoin and other cryptocurrencies.

Will the year-end on a good note or continue to lose?

Bitcoin Price
BTC Chart By TradingView

As per the BTC/USD price movement on Coinbase, yesterday, the day started trading at $8,636.93, and with the red inverse candle formation, the trend remained inclined on the downsides. In between, the price had a breakthrough to test the major resistance, which was formed around $8,700 at $8,773.22. Unable to hold, the price of BTC coin sunk by over 4% to trade as low as $8,361.00. Bitcoin has been taking bearish moves with an unprepared outlook and currently trades at $8,450.91.

With an increasing amount of struggle that Bitcoin price is facing, it lacks strength as it is not supported by any daily moving average. The whole trades in red and shows no sign of upward price correction any soon.

Technical Indicators

As per the Fib Retracement, Bitcoin price currently trades around 23.60% level, which locks around $8,400.

The MACD of the BTC coin runs bearishly below zero as the signal line overpowers the MACD line.

While, the RSI is currently at 46.68, showing no extremities at present.

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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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