Resistance at $8,300 Halts Bitcoin Rally as BTC Faces Risk of Further Losses

After incurring a noteworthy rally yesterday that sent Bitcoins price surging towards the mid-$8,000 region after a brief visit to $7,800, BTCs upwards momentum has once again faltered, with the crypto once again nearing its previously established support level at $8,200.

Analysts are now noting that the price level that exists directly above BTCs current price could be a major level of resistance, and it is imperative that the crypto breaks above it in order to post further gains in the near-term.

Bitcoins Upwards Momentum Falters as Bears Fight Back

At the time of writing, Bitcoin is trading up just over 1% at its current price of $8,240, but it is sitting off of its daily highs of over $8,300, which is where it found notable resistance that halted the upwards momentum it incurred after visiting $7,800 a couple of days ago.

Bitcoin has continued to trade within a tight trading range between roughly $7,800 and $8,400 for the past couple of weeks, and the dwindling trading volume has contributed to the bout of consolidation that the crypto has been facing ever since it lost its foothold within the lower-$10,000 region.

Analysts are now offering somewhat bearish assessments of Bitcoins near-term price action, which stems partially from its inability to move above its near-term resistance that exists around $8,300.

Big Cheds, a popular crypto analyst on Twitter, spoke about BTC in a recent tweet, explaining that its drop from its daily highs was sparked by a bearish divergence on its hourly chart, which may point to the possibility that it will soon revisit its range lows.

$BTC #Bitcoin 1 hour OBV bear divergence, he said while pointing to the below chart.

BTC May Drop Lower if Bulls Fail to Push it Above $8,380

Josh Rager, another popular crypto analyst, explained in a tweet that Bitcoins near-term resistance sits at roughly $8,380, and a break above this level could lead it straight to $8,500 which is a resistance level that must be decisively broken above if bulls want to gain full control of BTC.

$BTC As you can see from the blue lines and volume profile Bitcoin price managed to break and close above the highest volume areas in this range. This will now typically act as support. $8,380s could act as resistance but price can run up to $8500s with a break above there, he noted.

The coming hours and days will likely offer the markets significant insight into whether or not Bitcoin will be able to continue the uptrend it has been caught within throughout 2019, or if it will continue to cut deeper into its year-to-date gains.


Featured image from Shutterstock.

The post Resistance at $8,300 Halts Bitcoin Rally as BTC Faces Risk of Further Losses appeared first on NewsBTC.

08.10.2019 / 14:40 89
Analysts Expect Further Upside for Ethereum; Set Near-Term Target at $230 Analysts Expect Further Upside for
After losing its foothold within the lower-$170 region, Ethereums recently incurred upwards momentum appears to have faltered, as ETH has now dropped
Ethereum May Incur Large Drop if Bulls are Unable to Defend $210 Ethereum May Incur Large Drop if Bulls
Ethereums massive upwards momentum has faltered after its bulls were unable to decisively support ETH above the $220 price level, and its inability
Analysts Concur Bitcoin Must Hold $8,200 to Sutain Rally, Heres Why Analysts Concur Bitcoin Must Hold
The crypto markets have incurred some downwards pressure today after Bitcoin (BTC) was once again unable to climb into the upper-$8,000 region
Despite Bullish Momentum, It May Be Another 18 Months Before Bitcoin Climbs Back to Its All-Time-Highs Despite Bullish Momentum, It May Be
Despite a bout of sideways trading in the crypto markets, Bitcoin has continued to extend its upwards momentum that was first established in
Bitcoin (BTC) Nearing Key Battle Zone as Upwards Momentum Continues Bitcoin (BTC) Nearing Key Battle Zone
Bitcoin has been able to maintain the upwards momentum that was sparked earlier this week when the cryptocurrency surged back above the important
Bitcoin Holds Above $4,000 As Upwards Momentum Stalls Bitcoin Holds Above $4,000 As Upwards
Bitcoin has been able to hold above $4,000 following its recent upwards swing that sent it up nearly 30% from its recently established 2018 lows.
Comments (0)
Add a comment
Comment on