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Bitcoin {BTC} rebounds towards $8500 as alts keep struggling in the market


Bitcoin is the top-ranked asset based on data obtained from coinmarketcap. The BTC dominance rate rests at 67.7% as of this moment. The price grew at a rate of 2.08% in the course of the past 24-hours. This brought BTC all the way up to $8222.53 where it presently holds. The trading volume recorded stands at roughly $15.980 billion, whereas the supply has 17,961,412 BTC coins included as part of circulation. The total market cap of Bitcoin amounts to $147.688 billion which depicts a slight recovery compared to the value attained a day ago.

According to the candlestick chart connected to the BTC/USD pair on tradingview, this major virtual currency is yet to escape from the clutches of bears. The daily RSI [for 14 periods] is at 23.27 which signifies that Bitcoin is still being oversold for now. On the other hand, the gap between the MACD line and the signal line has decreased marginally, pointing to bearish pressure lessening in the market.

For the past one-and-a-half-weeks, the peaks tied to the Awesome Oscillator have ventured underneath the signal line; they all bear the brown shade. This indicates that sellers are stepping up their game, while the buyers are trying to push Bitcoin to new highs. A support level can be found adjacent to the $7748 mark, and resistance may be felt near $10373. The Ichimoku Cloud remains crimson, though the space between lead 1 and lead 2 has considerably thinned down.

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.