Bitcoin began the day (7th August) on the bullish side where it opened above 11,700 USD price mark, but after a couple of hours, the bears started to haunt BTC, where it dropped below 11,300 USD.
A couple of days ago, Bitcoin had a good time around as it surged beyond 12,000 USD after a month, touching the highest price mark of $12,266. However, it couldn’t support the price mark at around $12K zone and started to drop.
Bitcoin Market Trend
Examining the market trend from the last month, it seems like things have started to gear up, as the market is setting up for something big to come in the coming weeks. The overall behavior of Bitcoin price shows that the market is once again picking up the momentum, and it could once again rally to the USD 12,000 price mark.
As we go through the current market shift, Bitcoin trades at $11,972. The market opened up on a high though it dropped significantly during the day, where it reached the lowest of the day at $11,293.
But since then Bitcoin price again has started to pick up the bullish momentum, as it has crossed the $11,00 mark. Thanks to the very fact, the crypto king is trading in the green zone after going up by 4.39% over the last 24 hours. BTC keeps moving upwards as we write this, is possibly aiming towards $12K, which indicates that the bulls could arrive soon for real.
Technical Indicators (Key Support levels)
The key stats to note for the investors are the three resistance levels, which are at $11,600, $11,645, and $11,700. Whereas, the support levels stay on the bearish side at $11,350, $11,200, and $11,100.
Scrutinizing the one-day Fibonacci retracement level for resistance level at $11,600 resides at 38.2%, while $11,645 has the one-month Fibonacci retracement level of 61.8%. And at last the resistance level at $11,700 had a one-week pivot point resistance 2.
The support levels technical indicators show that the $11,350 price mark observes a conflux of the SMA 5 curve, 4-hour Bollinger band curve, SMA 10 curve, and 1-day Fibonacci retracement level at 61.8%. Whereas, the $11,200 support level sees a 1-hour previous low and 1-day pivot point support 1. Eventually, $11,100 would maintain the 1-week pivot point resistance 1.
Conclusion
The market once again has shown inconsistency as it remains to be volatile. Though the upsurge is predicted to continue during this week; however, the support levels don’t seem to indicate any escalation above $12K. But the market is still unpredictable and who knows by the end of the day, Bitcoin price stands at $12,000 level.
The market experts predict the price of Bitcoin to mount up above $15K by the end of this year. This anticipation shows that the long-term investment in Bitcoin would be beneficial for the investors.
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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