Analysts predict immediate support to rise as Bitcoin sees a bull in the distance

Bitcoin’s price action has been a sight to watch, with the world’s largest cryptocurrency fluctuating between the $8000 mark and the $10000 mark. After a week of significant rises and pullbacks, Posty, the Founder at ‘ElevateUX’ had tweeted:

“$BTC 1W

I’m not a permabear but you have to consider this a possibility..

Price closed the week on resistance. It would be a perfect rounded retest before heading lower.

I’ll be using the 1D to analyse specific price action at this level.

I’d prefer 9.6k becoming support! “

At the time of writing, Bitcoin was trading for $9469.72, with a total market cap of $170.63 billion. The cryptocurrency had remained stagnant after a massive rise had taken the value near the $10k mark, and the current 24-hour market volume was $28.57 billion. BKEX held the majority share of all Bitcoin trade with the cryptocurrency exchange controlling $1.09 billion worth of Bitcoin. BKEX was followed by Coineal, which oversaw BTC trade worth $894.95 million.

Bitcoin’s latest price climb was majorly affected by the change in sentiment from the east, most notably from China. Nigel Green, a prominent cryptocurrency analyst and the CEO of the deVere Group had stated:

“Bitcoin has registered some impressive gains over the last 48 hours after being in a lull period in recent weeks. The $8,500 support has previously acted as a crucial support for bitcoin. I believe that if bitcoin traders can keep the price above this over the next week, the world’s dominant cryptocurrency will experience a breakout.”

The main point noted by a lot of enthusiasts of the field is the increased positive sentiment in the industry. The Relative Strength Index is close to the overbought zone, which was a sign of the buying pressure being much more than the selling pressure. This also meant that a lot of the users trusted that Bitcoin was moving into bullish territories.

The Chaikin Money Flow indicator, however, was below the zero line. This factor meant that the amount of capital flowing into the Bitcoin market was lesser than what was leaving.

Disclaimer: The presented information is subjected to market conditions and may include the very own opinion of the author. Please do your ‘very own’ market research before making any investment in cryptocurrencies. Neither the writer nor the publication (TronWeekly.com) holds any responsibility for your financial loss.