Bitcoin, as well as the cryptocurrency market, keeps conquering new levels. Most of the top 10 coins are dominated by bulls, except for Bitcoin SV, which keeps losing its price value after recent sharp growth.
Meanwhile, the total market capitalization mark has reached new highs in the framework of the existing trend. Currently, its value is $241 Bln.
The relevant data for Bitcoin (BTC) is pointing to a turn in the opposite direction.
Market Cap: $160 502 530 406
Price: $8 835,39
Volume (24h): $34 182 980 608
Change (24h): 1.55%
The data is relevant at press time.
BTC/USD: Are bulls already exhausted?
Even though yesterday's price prediction has not yet come true, it is still relevant in a short-term scenario.
On the 1H chart, Bitcoin has touched the $9,000 level, however, could not fix above it. Based on the candle analysis, the leading crypto is about to come back to the nearest support at $7,700.
What is more, the trading volume index is not increasing much in terms of the current price rise.
In the bigger picture, it looks even more bearish. The bearish divergence has been formed on the RSI indicator. In addition, buyers have started fixing their positions based on the VR indicator. As a more likely scenario, traders may consider a decline to the range between $8,300-$8,400 by the end of January.
Bitcoin is trading at $8,853 at press time.