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.
Bitcoin price chart by Trading View
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 chart by Trading View
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.
Bitcoin price chart by Trading View
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.
