Bitcoin Price Holds Ground As Market Prepares To Take A Turn

The Bitcoin price holds ground around $7,200 as the first digital currency looks for a direction to go further as we can see in the latest bitcoin news.

Among the top 10 altcoins, they are all holding above the long-term technical support and they are closely tracking the price movements of Bitcoin. Bitcoin SV is among the most notable outperformers among the coins with a  larger capitalization while Matic Network is leading in the top 100.

The Crypto Fear And Greed Index which clearly shows the sentiment on the market and for the market participants continues to show that the traders all remained extremely fearful while entering the weekend. The total cryptocurrency market capitalization stabilized around the $186 billion this morning and it is looking to end the week in the same position. Bitcoin could still be on the course to start a bullish weekly reversal candle if the BTC/USD pair manages to close the trading week around the same levels. The traders will also be encouraged if the pair closed the trading week back above the 52-week moving average. This could have a counter effect for the previous week’s movements when Bitcoin suffered its weakest price close since May.

Different time frames show that there’s a clear potential reversal pattern in the making which also shows that there could be a stronger recovery back towards the $8,000 on the horizon if stable support towards the $6,000 level continues to hold. The total market capitalization price consolidated around the $186 billion level according to the TradingView analysis.

As the bitcoin price holds ground, the bulls have to find a stable position above the $188 billion for further confirmation that another technical bottom could be in place. A weekly price close above the $188 billion level could help improve the sentiment towards the market. The lower time frames also show a potential reversal pattern forming and a rally towards $207 billion could confirm the pattern which still holds an upside potential of about $40 billion. According to the latest data, the sentiment for the entire crypto market is neutral at 45 percent and bitcoin has the strongest sentiment among the top 10 at 70 percent. In the meantime, Bitcoin SV has the weakest sentiment at 25 percent.