Bitcoin price movement has been shaky this past week, however, in a short-range. The price fluctuated between the eight thousand and eight thousand five hundred dollars ($8000 to $ 8500) range.
However, the new trading week of Bitcoin (BTC) begins with a quarrel between the buyers and the sellers over whether the price of the currency will be eight thousand three hundred dollars ($8,300) or eight thousand five hundred dollars ($8,500).
Bitcoin price movement: Short-term
Till now, the verdict stands in favor of the buyers as opposed to the sellers. If the price is to drop as low as seven thousand seven hundred dollars ($7,700), the price needs to be static at a point below the category of eight thousand five hundred or eight thousand three hundred.
In a short-term test of time between these two categories, the buyers had a submissive behavior. A single short-term candle, in the timeframe graph, indicates that buyers are at the inability to bring about changes.
Since the Bitcoin price never went up to nine thousand one hundred dollars ($9,100), the decisive cards lie in the hands of the sellers.
This also because of the sharp downward turn of the prices of about thirty percent (30%), which means there probably won’t be a global price reversal any time soon. The BTC price chart above shows the first blue candle, the possibility of prices falling down to seventy-seven hundred dollars ($7,700) mark.
Bitcoin price: Buyer chart
The present consolidation period will last for three days. The longer the consolidation period, the stronger the movement tends to be.
Bitcoin price: Seller’s chart
The international critical point for the buyers to become active is ideally calculated to be seven thousand two hundred dollars ($7,200) mark.
If the consolidation periods hold the price to be above eight thousand five hundred dollars for a period of four hours, there is a good chance of it crossing nine thousand. Constant monitoring will be able to tell us the immediate future of Bitcoin.