The past few weeks have been a rollercoaster ride for Bitcoin and the cryptocurrency market, as prices have constantly shifted between bearish and bullish states. Investors have now begun looking at different opportunities to establish the Bitcoin ecosystem, and the price action seems to reflect the same.
Bitcoin’s price action over the past week has been on the safe side, with immediate support and resistance holding steady. Although the largest cryptocurrency in the world has yet to break the $10,000 mark over a long period of time, supporters were still hopeful.
At press time, Bitcoin was trading for $9497.29 with a total market cap of $174.815 billion. A slight 0.2 percent price fall over the previous 24-hours caused the daily market volume to clock at $20.077 billion. Bitcoin was not the only cryptocurrency stuck in a sideways movement as other altcoins followed suit.
A technical analysis showed that Bitcoin’s immediate support was at $8565 while the immediat3e resistance rose to a healthy $10,189. Some evangelists have predicted that if this pattern continues, Bitcoin would enjoy a decent hike in the coming future.
BTC 1-day TA:
The Parabolic SAR for Bitcoin showed a price hike that was recently overturned by the bear. At the moment, the markers were above the price candles which meant that the cryptocurrency would be going through a bearish atmosphere soon.
Bitcoin’s Relative Strength Index displayed the story of sideways price movement very cleary. The RSI had earlier held near the overbought zone but the last week has seen the graph holding near the middle of the graph. This could indicate the buying pressure and selling pressure within the Bitcoin ecosystem had neutralized each other.
The Chaikin Money Flow indicator for Bitcoin showed positive signs of recovery. The graph had climbed since the start of June and has reached one of the highest points since the start of March. Bitcoin’s hold above the zero line was an indication that the capital coming into the market was more than the capital that was leaving the market.