The cryptocurrency market failed to jump-start its expected recovery. With Bitcoin (BTC) continuing its downfall (touching $8,500 on some exchanges), the altcoins have not reacted to its price movements in the same manner. Most of them are located in the green except for Ethereum (ETH), whose rate has dropped by 0.42% in the last 24 hours.
Below is the relevant data for BTC at publication time:
Market Cap: $156,761,837,999
Volume (24H): $20,106,388,607
Change (24H): 0.54%
BTC/USD: Is $8,500 the Last Support Level Before an Upswing?
Today, BTC attempted a dramatic breakthrough in the trading corridor, reaching the $8,800 mark in a matter of minutes. However, pressure from sellers rejected the possibility that BTC would push upwards to the $9,000 mark. Within 30 minutes, BTC returned to the $8,600 mark, diminishing all hopes for a swift bullish upswing.
A local bullish wedge has been formed on the 4H chart. Pay special attention to the declining selling trading volume. This usually means that the local bearish trend may start soon. In short, traders may shortly expect a rise in price to the closest resistance level at $8,800.
Looking at the bigger picture, the bears still prevails over the bulls. This is confirmed by the 100-Day moving average (MA), which is about to cross 200-Day MA in a few days. This cross is an even more bearish scenario in comparison to the so-called death cross, where the 50-Day MA crosses the 200-Day MA.
When this happens, BTC might maintain a price of $8,000 until the end the year.
At the time of publication, BTC was trading at $8,667.