Is the Bitcoin Bull-run Fading Away or Simply Teetering?

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  • BTC’s price chart of today shows harsh pullback while the month-long price path shows a gradual growth
  • The coin has started to recover its loss of valuation recently; it traced a close above the 38.20% Fib level and corrected back below the same soon
  • Declining flag pattern has been halted; however, Bitcoin still lacks the effectively bullish momentum
  • The coin is likely to see volatility while technical indicators are still in bearish territory
  • Today’s price pullback has affected the majority of altcoins including the leading ones such as XRP and ETH

Bitcoin Price Analysis

Bitcoin has put the traders under a nail-biting situation today as the coin kept heading downwards till just now. From its pulled-back price level of $9122, BTC price has bounced up to $9201 with a rebound.

The coin was above $9300 when the day opened, and the price correction drove the coin below $9200. Such notable price decline has triggered doubts amongst the crypto community as the decline has affected XRP and ETH to quite an extent. XRP is hassling to remain above $0.25 similar to Ethereum which is yet to start a rebound above $185.

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BTC/USD Chart By TradingView

Bitcoin’s falling wedge has taken a pause recently, but the break-out is not as strong as it is required. The coin has faced a rejection above the 50% Fib level and is currently below the 38.20% Fib level. The Bollinger bands are heading towards a volatile phase while the moving averages are showing a bearish picture.

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However, the 1-month chart of BTC seems exciting enough for the investors. It manifests steady surges along with the corrections. The coin has recently formed double tops above $9400 and is correcting right now.

Here, moving averages are bullish for the Bitcoin as the long-term SMA line is above the short-term SMA line. Meanwhile, RSI and MACD are in the bearish territory thanks to the downward correction.

Ruti Vora

Ruti regularly contributes in-depth news articles for leading cryptocurrencies. She contributes technical chart-based price updates and analysis pieces on the world's leading digital currencies.

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