Share this article
Holding Strong: Failed Price Breakdown a Boon for Bitcoin Bulls?
Despite a dip to below $8,000 overnight, bitcoin once again approached record highs today and is holding at over $8,200.
Updated Sep 14, 2021, 1:55 p.m. Published Nov 24, 2017, 12:15 p.m.
Bitcoin has witnessed decent two-way business in the last 24 hours.
A drop below $8,000 during the Asian day was quickly undone and the world's largest cryptocurrency by market value once again approached record highs, hitting $8,333 this morning.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
At press time, bitcoin is changing hands at $8,228, according to CoinDesk's Bitcoin Price Index.
As per CoinMarketCap, the bitcoin-U.S. dollar (BTC/USD) exchange rate has appreciated by 1.13 percent in the last 24 hours. Meanwhile, the total trading volume in the last 24 hours was $5 billion, the highest since Nov. 16.
The price action analysis indicates the failed breakdown below $8,000 may be costly for the bears.
4-hour chart
The chart above shows:
- Failed breakdown: BTC witnessed a solid rebound from the upward sloping 50-MA and is back in the rising channel.
- The relative strength index (RSI) holds above 50.00 (bullish territory).
1-hour chart
View
The charts suggest a rally to new all-time highs around $8,600 (rising channel ceiling) is possible. The 10-day moving average (MA) is sloping upwards, suggesting dips below the same could be short-lived. Currently, the 10-day MA stands at $7,949 levels.
However, multiple 4-hour closes below $7,900 levels would warrant caution on the part of the bulls. In such a case, a deeper pullback to sub-$7,600 could be seen.
Spanner image via Shutterstock
Больше для вас
Solana CME Futures Fell Short of BTC and ETH Debuts, but There's a Catch
When adjusted for asset market capitalization SOL's relative futures volume looks better, K33 Research noted.
Что нужно знать:
- Solana's SOL futures began trading on the Chicago Mercantile Exchange (CME) on Monday, with a notional daily volume of $12.3 million and $7.8 million in open interest, significantly lower than the debuts of bitcoin (BTC) and ether (ETH) futures.
- Despite the seemingly lackluster debut, when adjusted to market value, SOL's first-day figures are more in line with BTC's and ETH's, according to K33 Research.
- Despite the bearish market conditions, the launch of CME SOL futures offers new ways for institutions to manage their exposure to the token, said Joshua Lim of FalconX.
Top Stories
