The price of Bitcoin has slightly declined and lost eleven hundred dollars ($1100). It has achieved eight thousand dollars ($8,000), and this level served as strong support for Bitcoin.
The price has surged now to eighty-five hundred dollars ($8500), and it shows the resilience of coin to maintain its position.
Since May 8 the coin did not show any stability and was constantly fluctuating. However, the technical indicators on the chart analysis show some positive movements ahead in the continuity of the current bullish trend.
The current support level is found to be seven thousand one hundred and ten dollars and seven thousand seven hundred and sixty dollars ($7710-$7760). The oscillator is indicating bullish patterns and surging tendencies for BTC. The likeable area for support is above 73 levels.
Following results were revealed: Bitcoin Market cap value to be around one hundred and fifty -two billion dollars ($152.8bn) and Bitcoin dominance above fifty-five per cent (55.9%).
The analysis chart revealed that the pattern would remain bullish with two anticipated resistance. The first resistance would come at around eight thousand dollars mark and the second above the nine thousand and two hundred dollars ($9,200).
The higher zone lies around ninety-three hundred dollars ($9300), and the lower zone is around eighty-five hundred dollars ($8500). Further below zones can reach to seventy-six hundred dollars ($7600) and even to seven thousand dollars ($7,000).
While on the other hand, the highest point within the next two weeks is expected to be at nine thousand eight hundred and fifty dollars ($9850).
The BitFinex shows the short position at 20.7KBTC and the Trading volume is below the average level of volume. The surge in the price after the bearish trends of the past week was followed by lower volume that means the low number of buyers.