Bitcoin (BTC) continues to trade in a tight range, analysts still expect further correction

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Bitcoin (BTC) again failed to break through the $ 8,000. Yesterday the price suddenly jumped up towards this important level of resistance, but now the price is down again.

At the time of writing, the value of bitcoin (BTC) is $ 7,821 according to CoinMarketCap after falling 1.68% in value in the last 24 hours. The total market capitalization is $ 250.1 billion with bitcoins market capitalization at $ 138.95 billion. This means that the bitcoin dominance has fallen back slightly to 55.6%.

Bitcoin has a hard time breaking the $ 8,000. It has already tested this resistance level several times in the past period, but to no avail. On the 4-hour chart, the rate is also in a falling trend channel.

The moving average (MA) lines are also showing bearish signals at the moment. The 50-MA recently crossed the 100-MA, also called a bearish crossover . The 50-MA is now also about to cross the 200-MA.

Then there is the fact that the bitcoin rate has not fallen back to the 100- daily EMA line for ages. During the upward trend that pushed bitcoin to $ 20,000 in 2017, this happened seven times. Bitcoin has not touched this line ever since the start of the recent bullish trend.

Multiple analysts make this point with different MA lines. For example, teddycleps on Twitter states that it would be “very healthy” if the rate on the weekly chart touched the 21-EMA. It has been 70 days since the last contact.

 

About Shawn Morrison 255 Articles
One of the founders of BitzArena. Active with crypto currency since the rise of the bitcoin. Loves the innovative character of crypto and blockchain technology, and follows developments in the market closely. Likes to connect technology with business, and likes to make difficult concepts accessible to a wide audience.

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