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Bitcoin {BTC} struggles to reach $9500, analyst anticipates bearish participation shortly

Bitcoin

In accordance with the candlestick chart connected to the BTC/USD pair on tradingview [based on data obtained from the Bitstamp Exchange], one can determine that buyers are trying hard to seize control. The daily RSI [for 14 periods] sits at 58.9, which shows that Bitcoin is advancing through the neutral zone in a stable manner.

From 31st October onwards, the peaks tied to the Awesome Oscillator have adopted the brown shade, which points towards the dawn of bearish momentum. Bitcoin looks to be consolidation as of now [in the aftermath of 26th October]. Post-29th October, the MACD line began inching closer to the signal line, causing the green histogram to shrink and appear faded.

Resistance may be felt at the $9952.48 mark, and support lies adjacent to $7324.47. A sudden climb [which took place during the previous month too] will bring $BTC towards $10,000.

Bitcoin is the top-ranked asset in the entire crypto-market, with a dominance rate of 67.4% associated with it. The trading volume recorded stands at roughly $21.218 billion, while the supply has 18,026,675 BTC coins in play as part of circulation. The total market cap of Bitcoin amounts to $168.223 billion for now. The price rose to some degree, at a rate of 0.51% in the course of the past 24-hours; this, in turn, helped BTC head all the way up to the $9331.9 mark where it currently rests.

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.