Bitcoin has been showing some signs of price instability. It keeps falling back anywhere near the seven thousand dollars ($7000) range but occasionally hits the eight thousand dollars ($8000) price mark.
Bitcoin demonstrated some price stability a few days back. Not much longer after this, it fell down further below the seven thousand five hundred dollars ($7500) price mark.
After this fall Bitcoin did not give up and tried to sustain itself near the support range of seven thousand five hundred dollars and seven thousand six hundred dollars ($7500-$7600).
While thereafter, the bulls gained momentum and were finally able to hit the eight thousand dollars ($8000) price mark and even further than that at eight thousand two hundred dollars ($8200).
Bitcoin could not sustain itself near the resistance level of eight thousand two hundred dollars ($8200). This is why it is safe to say that bitcoin will be trading somewhere near the eight thousand dollars ($8000) price range.
As of now the total market capitalization of bitcoin is two hundred and forty-nine billion dollars ($249.5 Billion) while the market capitalization of bitcoin alone is a hundred and forty-one billion dollars ($141.4 Billion). This measures up the total bitcoin market dominance to be around fifty-six percent (56.7).
Bitcoin is trading somewhere near the eight thousand dollars ($8000) price range. The next milestone to hit is the resistance level of eight thousand two hundred dollars ($8200).
If Bitcoin manages to breach the latter, then the next milestone, which will also be the all-time high of 2019, will be eight thousand four hundred dollars ($8400). The aforementioned price mark has been rejected two times already.
The resistance levels that follow up are eight thousand five hundred dollars ($8500), eight thousand eight hundred dollars ($8800) and nine thousand dollars ($9000). More than this is near the nine thousand dollars ($9000) and ten thousand dollars ($10,000) range.
From below, the nearest support level is at seven thousand five hundred dollars ($7500) price mark. The support levels hit the end of the seven thousand dollars range($7000).
Bitcoin’s trading volume isn’t that significant, and its RSI is also bullish, and the Stochastic RSI is expected to show a bullish trend as well.