RATE Group | Bitcoin Price Flatlines at $8.4K as Bollinger Bands Predict Breakout
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Bitcoin Price Flatlines at $8.4K as Bollinger Bands Predict Breakout

13 Oct Bitcoin Price Flatlines at $8.4K as Bollinger Bands Predict Breakout

Posted at 21:57h in Bitcoin News by

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Bitcoin price (BTC) bulls looked as if they were taking charge last week as BTC/USD rose by over $1,000, albeit momentarily. 

Bitcoin rallied throughout the week from a low of $7,760 on Oct. 7 to over $8,800 where it was rejected around the 200 Day Moving Average (MA) on Oct. 11.

After this point, 50% of the weekly gains were wiped out in a matter of minutes as it fell back down to the $8,300 range.  

As Bitcoin price attempts another recovery, could we start to see altcoins regaining momentum? A look at this week’s charts across the top-3 cryptocurrencies certainly paints a very interesting picture.

Weekly Crypto Market Performance

Weekly Crypto Market Performance. Source: Coin360.com

Bitcoin price overview

Both BTC/USD runup and rejection towards the 200 Day MA wasn’t exactly unexpected. Using the Moving Average Convergence Divergence (MACD) Bitcoin was showing short term bullish momentum on the daily chart but also still showed signs of bearish divergence on the weekly.

BTC/USD 1-day chart

BTC/USD 1-day chart. Source: TradingView

As…

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