Bitcoin (BTC) – the king of the market – has been suffering immensely. The market crash brought Bitcoin from highs of $60,000 to $30,000. The market is undivided where one side believes in the potential of Bitcoin as a safe haven asset while the other side disregards the king and expects a dethroning soon. At the time of writing, Bitcoin stands at a price level of $34,279. The price has fallen by $500 in the past twenty-four hours while the trading volume has declined by nearly 7%.
Bitcoin (BTC) Technical Analysis
The market outlook for the king of cryptocurrencies continues to be bearish. Out of the total twenty-six technical indicators, fourteen are giving out a signal of the sell while nine stand at a neutral position with only three indications of buy. The oscillators are neutral while the moving averages are strongly bearish.
An analyst has identified phases of the Wyckoff accumulation in the price action of Bitcoin. Bitcoin is currently identified to be operating in phase D of the accumulation. The current phase entails the price of the cryptocurrency holding above the support levels. Traders still identify the market to be bearish but various signs-of-strength and last-points-of-supply can be seen at this stage.
The decreasing supply and gradually increasing supply in phase D leads to the final phase where traders and investors once again realize the bullish potential of Bitcoin. The cryptocurrency is expected to break various resistance levels in the final phase and it is also marked by increased volatility and volume.
Will Bitcoin get back up?
The indecisiveness with strong resistance levels may indicate Bitcoin to continue with bearish momentum. However, despite the disappointment Bitcoin continues to dominate the market with 45% dominance. It is still regarded as the premier cryptocurrency. The next halving of Bitcoin can definitely be expected to help restore Bitcoin’s position.