Price recovery for Bitcoin (BTC) and other coins is a thing that we as crypto enthusiasts were anxiously expecting for an extended period of time. Nevertheless, the wait paused for a while not so long ago as the market started to show some bullish moves and prices started to take a positive path one more time. In this sense, as it was to be expected amongst the coins that started the uptrend, it was, of course, the king of the sector Bitcoin (BTC), a crypto that managed to surpass the $8,500 mark in just a couple of days.
The results that the leader of the sector happened to achieved were actually astounding, a fact that immediately had a reaction by part of the community.
However, in the last couple of days, this bullish run has started to decrease slowly (yet again), and many are just wondering how will be the future days for the coin regarding price and performance. Are we looking at a situation where the uptrend is being reversed? This post responds to this question and others related to it.
The mark of the 8,350 dollars
According to technical indicators, Bitcoin (BTC) may actually regain its momentum with prices above the mark of the $8,350. Let’s recall that as this month started, the crypto leader lost impetuosity and got back below the level of 8,000 US dollars, a fact that created a cloud of doubts regarding the chances of the coin to be reversing the uptrend. Right now, during the last 60 hours the coin is yet to start its climb and trading in red, so how can we read this information?
Well, it results clear that the price of the token has not found a consolidation point yet. Still, this has resulted in the annulment of the bullish trend as per many crypto pundits, but regarding price analysis, this even doesn’t mean a reversal is on the way. In addition to this, there are reasons to believe that the $250 trading range may break and enter an upside turn, which in case of affirmative, would result into a generalized intention to buy by part of investors and enthusiasts.
At the moment of writing, Coinmarketcap indicates a price of $7,553 for the crypto, a trading volume of $4,509,240,818 in the last 24 hours and a decrease of -0.34 percent considering the same time yesterday.
Just before this month started, most of the moving averages were oriented towards an upside trend for Bitcoin. In fact, the 50-candle, 100-candle, and the 200-candle MA were located parallel to the other in a north direction. The same way, the Relative Strength Index (RSI) stopped showing an overbought setting, which means there are substantial chances to see peaks above the recent highs of $8,500.
To conclude, a break above the $8,350 mark would represent the possibility of entering to a re-test phase between the Bitcoin price of $8,468 and the peak of July 24 of 8,507 dollars. Consequently, a bullish run would be confirmed with a daily close above the mark of the 200-day MA.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
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