The latest Bitcoin news show us that the most dominant and flagship cryptocurrency recently visited new weekly lows in the $8,440 zone after many traders’ expectations went wild about its future price. As Bitcoin slides below $8,500, we can see that the 200 MA (moving average) is what apparently held back the bulls from igniting a new run.
Another thing worth noting is the fact that a slow downtrend is here. Data shows that BTC/USD reached lows of $8,480 overnight on Wednesday and at press time, BTC hovered at around $8,505.
This former level matches two other brief lows which were seen this week and also represents the bottom of a range that the pair has traded in since January 14. Over this period, traders saw BTC peaking at $9,150 even though there was warning that a small chance of BTC is climbing higher.
The reason for that, according to the contributor filbfilb and others, was the resistance which sparked by the BTC and its 200-day moving average. As Bitcoin slides below $8,500, we can see that the analyst would favor less volatile price action in the short term, allowing BTC/USD to regain higher positions in the local range.
“I’m not saying the next thing that happens is we burst out of here… more expecting some sideways drifting to the upside to be honest but let’s see,” filbfilb told his Telegram followers in a recent update.
Meanwhile, other analysts are pointing that Bitcoin slides below and may even go under the $8,000 zone if the downtrend continues. However, even the $8,500 zone is far from bearish as other performance measures show.
In the coming altcoin news, many expect to see Bitcoin (SV) and Dash (DASH) rising, especially because these altcoins are leading the daily losses in the list of altcoins. With 24-hour slides of 11.1% and 6.1% respectively, both of the cryptocurrencies are eroding the previous gains from earlier in January.
Ethereum (ETH) which is still the largest altcoin by market cap, has shed 3.3% and is now trading at $164. The overall cryptocurrency market went above $240 billion yesterday but is again at $233 billion today, falling higher from the previous levels.
All in all, we can see a strong bearish momentum on the market today without a bright chance of retrieving in the near term.
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