Bitcoin had been experiencing an ongoing upwards trend recently. Its price skyrocketed to the eight thousand dollars ($8000) level but suddenly plunged downwards.
Bitcoin’s price continued to decrease until it hit the sixty-three hundred dollars level ($6300). This price movement was abrupt but not unexpected.
After soaring to new heights, a correction was overdue. Bitcoin had surged towards the eight thousand dollars ($8000) level from the five thousand dollars ($5000) level. Bitcoin is currently testing at the eight thousand dollars ($8000) level again.
Analyzing from above we see a resistance level near eight thousand dollars ($8000) level. If bitcoin manages to break through this price level then the next prices are near eighty-two hundred dollars ($8200) level and an all-time high of 2019 eighty-four hundred dollars ($8400) level.
After Bitcoin has hit these price marks, the next in will be eighty-five hundred dollars ($8500), eighty-eight hundred dollars ($8800) level and the nine thousand ($9000) level.
Analyzing from below the support areas are near seven thousand dollars ($7000) and seven thousand two fifty dollars ($7250).
Among this range, the strongest support lies near the seventy-three hundred dollars ($7300) level.
From below the nearest support levels are seventy-eight hundred dollars ($7800) and seventy-six hundred dollars ($7600) level
Bitcoin’s daily volume levels, as well as the volatility rates, are increasing. The relative strength index indicates a resistance zone in the seventy and seventy-three range (70 – 73).
The Stochastic relative strength index oscillator is predicting a bullish run. As of now, Bitcoin’s total market capitalization is one hundred and forty billion dollars ($140.9 Billion).
Bitcoin’s market dominance is fifty-six percent (56.6%). On the other hand, the overall market capitalization holding the currency strong in the current rally.