As AZCoin News mentioned, the Bitcoin price jumped nearly 8% yesterday. At press time, Bitcoin is currently hovering around $ 7,300. When prices recover from $ 6,900, a higher low will appear on the chart, but does this mean the bottom is there?
Bitcoin price is sideways and stuck in a downtrend
Bitcoin 1-day chart | Source: TradingView
Bitcoin’s price is still moving inside this discount channel since last year’s high of $ 13,900. Besides, the Bitcoin price is adjusting to the “Golden Pocket” Fibonacci area (0.618-0.65) and is currently showing lower downside potential.
The green area has also been a notable area since 2018, as it was an area where Bitcoin prices were bounced back in 6 months. As the price of Bitcoin rebounded from $ 6,900 to $ 7,400, there was buying pressure from this area, indicating that the price could bottom out in this range.
Source: TradingView
So, what should Bitcoin prices do to make a breakthrough? First, Bitcoin needs to maintain the blue zone at a higher low and not drop below that level. When Bitcoin continues that level as a support, the price of BTC will likely increase sharply. This will cause the past six-month downtrend to disrupt the uptrend, ending the downtrend.
The goals are based on previous support/resistance levels, and the Fibonacci levels first include $ 8,000. If that breaks, the price is ready to target $ 9,100-9,500, which will often turn sentiment from fear to neutral.
Altcoin trading market became chaotic
Ether (ETH) continues to sync with BTC. The top altcoin has dropped slightly by 0.3%, hovering around its current trading price of $ 133. Ether has only had a modest gain of about 6.1% over the past seven days at press time.
XRP – the third largest currency by market capitalization – also follows today’s sideways trend and is currently trading at $ 0.191. XRP has decreased slightly by 0.6% over the past 24 hours.
Most of the top 20 coins in the market are not outstanding, with slight increases/decreases of 0.5% – 2% during the day. In particular, Bitcoin SV (BSV) leads with a 5% increase in the day. The following was NEO, with a slight increase of about 2% during the day.
Source: Coin360.
The total market capitalization of the cryptocurrency market is currently at about $ 195 billion. In particular, Bitcoin Dominance accounts for 68.1%.
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