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A day after rebounding towards $8.5k, Bitcoin {BTC} sinks once again

Bitcoin

The king coin is facing a ton of resistance adjacent to the $8400 mark. This is a cause for concern which may lead to few HODLers panic-selling so as to ensure they are minimally affected by Bitcoin’s poor performance.

Bitcoin is the top-ranked asset in the market to the north of Ethereum. The price declined at a rate of 1.31% in the course of the past 24-hours; this brought BTC all the way down to $8184.61 where it presently rests. The trading volume recorded stands at approximately $14.910 billion, while the supply has 17,981,900 BTC coins involved as part of the circulation. The total market cap of Bitcoin amounts to $147.174 billion. Bitcoin has a dominance rate of 66.5% which is lesser compared to the value attained 2 weeks ago.

According to the candlestick chart connected to the BTC/USD pair on tradingview [based on data obtained from the Bitstamp Exchange], sellers are refusing to let go of the reins which have allowed them to steer BTC’s price towards $8000. The daily RSI [for 14 periods] is at 34.21 which points to BTC being quite close to the oversold zone, pointing to the rising level of bearish momentum.

From 8th October onwards, the MACD line began its ascent over the signal line, leading to the histogram switching from red to green. In the aftermath of 6th October, the peaks tied to the Awesome Oscillator have all possessed the green shade, signifying the presence of bullish force. Support can be found near the $7719 mark and barriers before $8531 keep driving the price of this signature cryptocurrency down.

The next level of support can be formed close to $7700.

Disclaimer - OBN is an informational website which aims to give the latest blockchain related news to the readers. Articles on OBN should not be considered as investment advice. Trading cryptocurrencies is a high-risk investment, every user is advised to consult an expert before making any decisions.