The Bitcoin price (BTC) has continued the weakness of the previous week as the USD 9,000 support has been tested many times. However, the market itself is not acting bearish because altcoins like DOGE, for example, are rising in all directions.
Cointelegraph takes action against staff impostors, investigation is ongoing
Is the market ready for a change of momentum and a big volatile movement in BTC, the best rated crypt currency by market capitalization?
Bitcoin acts on the final support levels to justify the bullish scenario
The price of Bitcoin continues to rest on a significant level of support, as there is a deadlock between the ups and downs.
As the price of Bitcoin has been consolidating, it can be argued that the price is reaching constant lows since March 12. The most recent low is the area between USD 8,700 – USD 8,900. That is the case with the price rising.
However, the price has been falling from the high of USD 10,300 and has been recording lower highs since then. This leads to the general conflict in the markets as there are both bullish and bearish arguments.
The Bitcoin price is currently above the 100-day and 200-day moving averages (MA), as shown in the chart. At the same time, the crucial support level of USD 8,700 – USD 8,900 still remains and also set a smaller support level at USD 9,050 – USD 9,100, which is where the BTC/USD pair is currently located.
Top 5 best performing cryptosystems during the coronavirus pandemic
Meanwhile, a possible upward triangle is ready to form if the price of Bitcoin exceeds USD 9,300 in the short term.
The 4-hour chart shows a clear breakout from the USD 9,150 – USD 9,200 level, which is currently being tested as resistance and a confirmation of this support/resistance change is currently being supported by the USD 9,000 – USD 9,050 level.
This is notable for Bitcoin’s price action lately, as the levels have become very tight, resulting in very small price movements.
Bitcoin’s mining company, Northern Data, blames the ‚trolls‘ after the stock fell 40%.
Also, as the price acts in such a small range, its volume decreases. Volume usually arises through a break in any construction, which will probably occur next week.
Total market capitalization shows more strength than Bitcoin
The market capitalization shows more strength than the price of Bitcoin. Market cap shows a clear upward trend that reversed each previous resistance level to support, such as USD 255 billion (top green box).
The next major step for the market cap to open is $270 billion. If that level is broken, a move to the $305 billion level is likely.
The total market capitalization of altcoins is showing more strength than Bitcoin due to the recent strength of altcoins in recent times.
Total Altcoin market capitalization shows a clear break and a change in support/resistance of USD 91 – 92 billion. As long as the green box remains compatible and total market capitalization of altcoins does not fall below it, altcoins are likely to continue the recovery.
Where does the price of Bitcoin go? The current stablecoin period emulates that of early 2017
The next area of resistance to consider is at $113 billion, which is about twenty percent from here.