BTC price traded with a cautious tone as the sell-off cools off on Saturday. It seems the sellers look exhausted, as the price manages to reclaim $36,000. In a broader crypto market selling spree, ETH is down nearly 6% as compared to a decline of 8% in BTC.
As of publication time, BTC/USD is exchanging hands at $35,979.07, down 0.08% for the day. According to the Coinmarketcap, the pioneer crypto coin is sustaining a 24-hour trading volume of $34,647,973,885.
On the weekly chart, the BTC price is under the medium-term downtrend, although since the beginning of the New Year it consolidate in a short-term trading range of $48,000 and $36,000, with few hiccups in between. In addition to that, the 50-day ema (Exponential Moving Average) plays a crucial role in deciding the trend for investors.
In July BTC pierced the moving average and recorded a jump toward record highs. Further, as soon the price sliced 50-day ema, it tested swing lows extending from $32,000 to $35,000.
The breakage of the bullish slopping line would invalidate any bullish argument for the asset so far. A weekly close below $35, 0000 would trigger a key level to amplify selling towards $26,000.
On the flip side, Now as we can see the formation of higher lows since the week ended on July 19 suggests it could be the time for a technical bounce back. If that comes true then BTC price would attempt to take out the $42,000 in the coming few sessions if not immediately.
RSI: The relative strength index (RSI) trades below-average line at 37.47, which indicates an extension of a downswing in the price.
Volume oscillator: The upside tick rules out in the favor of bears.
Pi Network price is taking part in the ongoing crypto market rally. It jumped to…
Hedera (HBAR) price has surged nearly 15%, breaking above the key $0.20 mark, a significant…
Solana price has seen a strong performance, rallying above the $200 level after bouncing off…
The broader crypto market has started showing renewed optimism, with growing attention on XRP price…
Cardano price has attracted renewed attention after the network introduced the x402 Proof-of-Concept upgrade. This…
Ethereum price rose for five consecutive days, reaching its highest level since Oct. 13. This…