Bitcoin News

Bitcoin (BTC) Holds Bearish Divergence; Retests Support Around $9k

Bitcoin is lacking a steady blow of momentum in comparison to certain altcoins that are just making the complete blend of a profitable portfolio recently. Even though BTC has been luring a sluggish wave of traction with an intermittent rise above $10k, the coin has been facing a tough resistance around $10.5k. However, the statistics have been quite enticing, and the recent data shows that the number of Bitcoin whales has increased by 8.9% in one year. Here, BTC whales are those addresses which are holding at least 1000 BTC.

While we take into consideration Bitcoin whales, we cannot ignore the fact that despite, Bitcoin is acting as a volatile asset within a confined narrow range, investors or to be precise BTC loyalists have been buying the dip and HOLDing. One of these loyalists, Grayscale Bitcoin Trust (GBTC), has been buying the currency with an immense speed wherein after the recent Bitcoin Halving, it purchased 19,000 BTC and was holding around 3,00,000 BTC before the March crash. Bitcoin is one of the assets that is fetching amazing returns amidst all the traditional assets.

Bitcoin Price Analysis

Bitcoin News
BTC/USD Chart By TradingView

Bitcoin, at the time of penning down this analysis, was trading around $9k and has been static since the previous month now. BTC has been confined in a range of $8k to $10.5k since the previous month and is not withholding massive volatility; however, the market is itself volatile.

On the 24-hourly chart, Bitcoin lacks support from 50-day and 200-day MA after a dip from $9.5k price area. But, on the 24-hourly chart, we even see an uptrend forming after the market crash in March when the coin retested yearly lows and regained steady momentum. Since the start of the year until the time of writing, Bitcoin has restored above $10k thrice for a brief period of time. Instead, the major altcoins of the market are seen drawing bullish crossovers with startling heights.

The technicals are appearing bearish as per the current momentum of the BTC, and the signal line is crossing over the MACD line as the coin retests major support around $9k. The RSI is seen inclining towards the oversold region yet is away from hitting the extremities at 43.36.

Mehak Punjabi

Mehak Punjabi is a post-graduate in MBA with a specialization in Finance and has joined CryptonewsZ with a skill-building view in the world of cryptocurrency and blockchain. She is dynamic and a quick learner with a hold on financial analysis.

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