Hi all,
Yesterday, the BTC/USD pair almost hit the long-term downtrend (diagonal resistance coming down from ATH) suffering an immediate rejection there. It will take a little more effort to break above this obstacle, but if bulls manage to finally do that, it will present a significant boost from a psychological point of view.
The price of bitcoin is fluctuating around $8,700 since yesterday. As commented on Wednesday, we have already seen it hovering near this area in the not too distant past (October and November 2019 and January and March this year), so it can turn to be a serious obstacle. For now, the zone between $8,600 - $8,700 will serve as a support for us.
Trading volumes also started to fall and are now 25 percent lower ($54 billion) compared to midday Thursday when they peaked at $72 billion. On the positive side of things here, the 24-h trading volumes were significantly higher than the ones during the bull run last summer when Bitcoin almost hit $13,000 ($56 billion) and are close to these registered this February ($81 billion).
In the meantime, the RSI index reached an overbought area on Wednesday that perfectly matches the February peak, when BTC last visited $10,360. What we saw in the days after was the beginning of a downtrend. Are bulls losing momentum again here or the halving will keep the engine running ?
As you can see from the above observations, the situation is almost identical to the one in February, so keep your eyes open there.
Cheers,
Yesterday, the BTC/USD pair almost hit the long-term downtrend (diagonal resistance coming down from ATH) suffering an immediate rejection there. It will take a little more effort to break above this obstacle, but if bulls manage to finally do that, it will present a significant boost from a psychological point of view.
The price of bitcoin is fluctuating around $8,700 since yesterday. As commented on Wednesday, we have already seen it hovering near this area in the not too distant past (October and November 2019 and January and March this year), so it can turn to be a serious obstacle. For now, the zone between $8,600 - $8,700 will serve as a support for us.
Trading volumes also started to fall and are now 25 percent lower ($54 billion) compared to midday Thursday when they peaked at $72 billion. On the positive side of things here, the 24-h trading volumes were significantly higher than the ones during the bull run last summer when Bitcoin almost hit $13,000 ($56 billion) and are close to these registered this February ($81 billion).
In the meantime, the RSI index reached an overbought area on Wednesday that perfectly matches the February peak, when BTC last visited $10,360. What we saw in the days after was the beginning of a downtrend. Are bulls losing momentum again here or the halving will keep the engine running ?
As you can see from the above observations, the situation is almost identical to the one in February, so keep your eyes open there.
Cheers,
