Current Bitcoin Price Dynamics
Bitcoin (BTC) has been playing a game of tug-of-war, trying to reclaim the $9,000 mark after a shaky start to the month. Currently, it’s lodged between a snug range of $8,662 and $8,946, battling to climb past that pesky $8,969 barrier. It’s like trying to squeeze into those jeans from a decade ago—challenging but not impossible.
Market Cap Insights
Shifting our gaze to the total crypto market cap, it seems like everyone’s decided to take a coffee break. After last week’s turbulence, buying activity has hit a wall. Support was found chilling at $236.9 billion, which just so happens to align with a high volume node. Moreover, the total market cap is currently holding strong above that comforting 200-day moving average—think of it as the cozy blanket of the crypto world.
Investor Sentiment and Market Influences
What’s the deal with investors? It appears they’re still clutching their wallets, uncertain if the ongoing global issues, like the Coronavirus spread, are going to hamper their investments further. This cautious behavior is clearly reflected in Bitcoin’s recent sideways movements—just like me trying to decide whether or not to leap into the ice bath of crypto trading.
Key Price Levels to Watch
As Bitcoin hovers at a VPVR high volume node between $8,670 and $8,853, that $8,400 mark lined up with the 128-MA and 50% Fibonacci retracement looks like a safety net for bulls. If we lose that support, seeing a bounce back up would mean traders would likely keep their eyes on those moving averages.
Future Predictions: Bulls vs. Bears
While the $8,670 support seems reliable, we’re also seeing Bitcoin struggle to surpass $8,844. A breakthrough there could pave the way for a potential reach towards $9,150. However, any serious pushback at that level could signify the completion of a right shoulder in the head-and-shoulders pattern on the daily timeframe—yikes! In layman’s terms? It would likely send us back down to revisit the 200-MA at $8,720 or the 128-MA at $8,444.
Excitingly enough, the 4-hour chart indicates a bullish breakout. So let’s not lose hope just yet! If Bitcoin flips $8,966 to support, it could maintain the win streak of those daily higher lows. The convergence witnessed in the MACD and signal line could hint at a hopeful comeback—talk about “one man’s breakdown is another man’s opportunity!”
While Bitcoin currently teeters around $8,900, keeping an eye on the resistance at $8,977 would be wise. If traders manage to sustain the momentum, a surge toward the $9.3K realm could eventually set the stage for another ambitious run at $9.5K.
Disclaimer: The views expressed here belong solely to the author and do not necessarily represent Cointelegraph’s views. Please conduct your own research before making investments.
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