- The bears have stepped back into the market again after a little price increase; Bitcoin price may paint uglier scenario if weekend trading goes short
- From statistics and analysis, the market is more likely to correct downward before we can see a fresh bullish swing
- After resting the $10000 area, Bitcoin’s price nosedived back near the weekly low
As the day goes by, Bitcoin’s price has continued to correct down after recording the monthly high at $13171. Owing to this fact, BTC dominance is now 64.6% compare to the past days, which was entirely above 66% as the entire cryptocurrency market cap holds $269.4 billion.
However, following the price rejection at around $10175 yesterday, the market has significantly rolled back below the $10k mark. As we catch up with the weekend trading, the $9100 level may play out. Alternatively, Bitcoin’s price may retouch 10k as revealed on the chart.
Bitcoin’s Current Statistics
Trading Price: $9750
Market Capitalization: $173,934,250,603
Trading Volume: $15,028,513,120
Key resistance levels: $10175, $10350, $10650
Key support levels: $9534, $9100, $8800
Bitcoin (BTC) Price Prediction for July 26
With a current drop of 3.40%, Bitcoin’s price is now trading below $10k as it faces close support at $9534. As the market turns bearish on all lower time frames, a drop below the mentioned price may bring us to the $9100 mark before a possible break to the key support at $8800, testing the lower boundary of the channel pattern.
On a long-term, the BTC/USD pair still appeared a bit bullish compared to the recent outlook on the near term. Considering a possible bullish swing, we may need to see BTC touches at $10175, $10350 and $10650 resistances before we can start to feel a bullish comeback.
In fact, a clear break above the $11100 might give us a buy signal on a medium-term. Otherwise, the market will remain in a bearish condition.
Another thing to pay attention to is the Bitcoin’s volume, which is drastically down since the market began to fall in late June. From a technical standpoint, we can say Bitcoin follows a bearish sentiment.
Conclusively
From the upside, the $10k area suppresses bullish pressure. If Bitcoin can conveniently remain above this price, buying may be the next setup for the market. From the downside, a break below $9534 will validate a short position for traders. Hence, ee should be on the look for these technical levels on a short-term.
Technical Indicator Reading
MACD still operates at the negative zone, presenting a dominant bearish bias for the market.
RSI is now on the downside after meeting a rejection at the 50 level. Bitcoin price will continue to fall if it remains lower.
Disclaimer: The presented information is subjected to market condition 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.
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