Bitcoin [BTC/USD] Technical Analysis: Bear to dethrone short-term bull rule?

A major bear-attack befell the cryptocurrency market yesterday when all the big coins crashed following Bitcoin [BTC]’s lead. Currently, the bull has neutralized the situation wherein BTC is up by 0.47% in the 24-hour cycle.

At press time, the coin was trading at $3,434 with a market cap of $59.8 billion. The 24-hour trading volume was recorded to be $5.96 billion.

1-hour

BTCUSD 1-hour candlesticks | Source: tradingview

In the one-hour candlesticks, BTC saw a downtrend that extends from $3,820 to $3,433 whereas the uptrend is ranging from $3,235 to $3,371. A possible trend breakout could be witnessed in the foreseeable future as the prices are packed tightly at present.

The Parabolic SAR is on BTC’s side as it continues to hold the price above the dots. The indicator looks extremely supportive of a positive prediction for the price trend.

The Aroon indicator is showing the dominance of uptrend at present as the downtrend continues to lose grip in the Bitcoin…