Do You Think Bitcoin Can Break All Time High of 2019? Is it future or past?

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.

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