RATE Group | Bitcoin Price Rally Falters as Bulls Fight to Hold the $8.3K Support
76865
post-template-default,single,single-post,postid-76865,single-format-standard,ajax_fade,page_not_loaded,,qode_grid_1300,side_area_uncovered_from_content,footer_responsive_adv,qode-content-sidebar-responsive,qode-child-theme-ver-1.0.0,qode-theme-ver-13.3,qode-theme-bridge,wpb-js-composer js-comp-ver-7.9,vc_responsive
 

Bitcoin Price Rally Falters as Bulls Fight to Hold the $8.3K Support

24 Jan Bitcoin Price Rally Falters as Bulls Fight to Hold the $8.3K Support

Posted at 07:09h in Bitcoin News by

[ad_1]

After three days of trading in a tightening range Bitcoin price (BTC) dropped below $8,300, stopping at $8,264 which is slightly below the $8,300 support and the 200-daily moving average (DMA) at $8,200. 

Earlier in the day John Bollinger, the creator of the popular Bollinger Bands indicator, tweeted that the recent pullback should not alarm investors. Bollinger said: 

“This is a ‘logical place’ for $btcusd to find support, a pullback to a breakout level and the middle BB.” 

Cryptocurrency market weekly overview

Cryptocurrency market weekly overview. Source: Coin360

As mentioned in the previous analysis, many traders still anticipate that the price will drop to $8,200 where buyers looking to purchase the dip supposedly await. Currently, the volume profile visible range (VPVR) shows a high volume node at $8,200 where the 200-DMA is located. 

BTC USD daily chart

BTC USD daily chart. Source: TradingView

Based on the most recent price action, if Bitcoin price drops below $8,200 traders may look for a bounce at the 50-DMA at $8,000 and…

[ad_2]

Source link

Tags:
, , , , , , , ,