If you go through earlier price analysis, you can see that Bitcoin was quite steady for a few days until it was fragile at $8000 level. This is going up and lots of people are now tempted to invest in it.
Soon, we saw the downfall at $7500 in its price. Even though, after this sudden drop, Bitcoin maintained its level and remained steady between $7500 to $7600 level, and then what we saw was the bullish move exceeding from $8000 to $8200. But, Bitcoin has come back to earlier price analysis’ situation and declined by $8200 resistance, Bitcoin is trading over its $8000 mark.
Looking at the Market Cap
- $249.5 Billion in Total Market Cap
- $141.4 Billion in Bitcoin Market Cap:
- Around 56.7% of BTC Dominance
What can we understand from this breakdown?
- Trading Volume isn’t enough: It is proved that only volume isn’t enough, because direction for the future is not yet decided.
- Check Daily chart’s RSI: Whenever there is any drop under $7500 it gets reflected on RSI chart, as its indicator stopped at 60 and where it got support. RSI is at 64 and is still bullish compared to 2019 scenario.
- What is very important to know is the bullish signal of Stochastic RSI oscillator, because it crossed the oversold area.
- If you want to know about BTC open short positions: then there’re 19K Bitcoin positions.