Willmartinzo
Contributor
Analysis of Bitcoin's (BTC) price:
For a while, the price of Bitcoin showed a neutral trend, but then the market lost steam. The price moved sideways for four days after the bulls kept it over the $38,848 mark. The bulls made several efforts before regaining momentum and recording a leap of 5.18%.
After that, over the next twelve days, the price fluctuated between $42,019 and $43,376. Bitcoin began trading under a bullish impact as market volatility increased, rising more than 13% before it was rejected at $48,663.
For the next several days, there was a notable amount of volatility in the price of Bitcoin, with an approximate 10% increase. Since then, the price has been moving between $51,517 and $52,468 in a small range.
A persistent red histogram on the MACD shows that the coin's price behavior in the market is poor. Additionally, the averages consistently decrease, indicating an increase in the bearish influence.
The Bitcoin price will try to test its upper limit of $53,510 throughout the coming week if the bulls can keep it above its support level. On the other hand, if the bears outnumbered the bulls, the price of bitcoin would lose steam and drop to test the $50,337 support level shortly.
For a while, the price of Bitcoin showed a neutral trend, but then the market lost steam. The price moved sideways for four days after the bulls kept it over the $38,848 mark. The bulls made several efforts before regaining momentum and recording a leap of 5.18%.
After that, over the next twelve days, the price fluctuated between $42,019 and $43,376. Bitcoin began trading under a bullish impact as market volatility increased, rising more than 13% before it was rejected at $48,663.
For the next several days, there was a notable amount of volatility in the price of Bitcoin, with an approximate 10% increase. Since then, the price has been moving between $51,517 and $52,468 in a small range.
A persistent red histogram on the MACD shows that the coin's price behavior in the market is poor. Additionally, the averages consistently decrease, indicating an increase in the bearish influence.
The Bitcoin price will try to test its upper limit of $53,510 throughout the coming week if the bulls can keep it above its support level. On the other hand, if the bears outnumbered the bulls, the price of bitcoin would lose steam and drop to test the $50,337 support level shortly.