Bitcoin Gold Price Analysis Shows Bulls Losing Control Above $10

The latest bitcoin gold price analysis shows the bulls losing control above the $10 price point and the BTG/USD is stuck in the rising channel since the start of March.

The cryptocurrency is one of the main gainers among the top 40 widely traded coins and a rising channel formation is forming on the daily chats, pointing to another downside. Bitcoin Gold saw a sharp recovery rally on Saturday after the major losses that were seen on Friday as the price fell as low as $8.46. Despite the rebound, the coin didn’t manage to sustain above the $10 price level for a third consecutive day as the rates are going towards the $9.50 region. the market capitalization for Bitcoin gold stands at $166 million.

The intraday picture for the coin seems rosy as it is holding above the $8.92 level where the open price remains the same as the low for the day. however, the bitcoin gold price analysis shows the price remaining to the downside in the upcoming weeks with a potential rising channel formation seen on the daily charts as well.

From a medium-term technical perspective, the immediate support is correlated to the $8.20 level while the intersection of the 50 and 200 days simple moving averages align as well. The next support awaits at 7.75 where the 21-DMA and channel support are correlating. The daily relative strength index turned flat but it still holding the midline which says that the bulls are losing the conviction. A daily close above the 10 marks will open the doors for a test of the channel resistance at $10.52 and the buyers will likely aim for the 11 barriers.

As per the recent Bitcoin gold news, a single whale is holding a significant portion of Bitcoin Gold (BTG) which is put to circulation – and this whale is directly influencing the price of BTG. There were two blockchain re-organizations on the Bitcoin Gold blockchain so far, due to a secret 51% attack that took place recently. However, one glance at the Bitcoin Gold rich list shows that a new soft fork concept is known as the  “Cross-Chain Block Notarization Protocol” (CCBN), which was recently introduced to prevent further attacks.