• The leading cryptocurrency continues to rely on the $8500 support
After trading around $8600 for a few days, yesterday, Bitcoin’s price increased by 3% to reach $8800 level. This level is currently suppressing the bullish pressure. If a break occurs, we should see a further gain. At the time of writing, BTC dominance is 57.8%. We can expect a correction once Bitcoin dominance keeps dropping.
Key resistance levels: $9000, $9150
Key support levels: $8600, $8500
Bitcoin (BTC) Price Analysis: 4H Chart – Bearish
Bitcoin’s volatility has been quite boring since the price fell from $9150 last weekend. Yesterday, Bitcoin showed a little strength touching $8800. Since then, trading has remained calm at around $8700. The BTC market is still in the middle of consolidation at the moment.
As we can see, the wedge breakout has continued to keep traders in suspense. However, if Bitcoin’s price further increases beyond $8800, the next level of resistance to watch out for is $9000 and $9150. And if the price falls back, $8600 and $8500 would act as support for Bitcoin.
Bitcoin (BTC) Price Analysis: Hourly Chart – Neutral
On the hourly chart, Bitcoin is subjected in a channel boundary. The sideways trend has continued to play out as BTC struggles to break away from the $8500 – $8800 price zones since January 19. However, BTC attempted a breakup over last 24-hours trading but failed at the channel’s resistance. Now, Bitcoin’s price is showing weakness towards the channel’s support.
If the sellers to step back into the market, we may see rollback at $8500. Meanwhile, a bullish surge could send the price back to the channel’s resistance at $8750. A further climb could propel buying to $9000 and above. However, ee should keep an eye on $8300 if the channel breaks down. While waiting for a price break, Bitcoin is currently considered neutral at the moment.
BITCOIN SELL ORDER
Sell: $8664
TP: $8500
SL: $8800
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