- summary:
- Bitcoin price has been trading near the 83,000 dollar sign during the past three days. However, the main momentum indicators indicate the weakness.
Bitcoin continued with a rise on Saturday, gained 0.06 % and trading at $ 83,420 at the time of the press. Crypto Market Belweether has witnessed the strengthening of its upscale momentum in the past three days and is trying to establish support in the brand of $ 83,000.
However, founding investors are still cautious despite the last recovery glimpses in the wider financial markets. Spot Bitcoin Etfs has recorded net negative outfits in the last seven trading sessions. However, Friday’s session has marginal flows of one million dollars, indicating the improvement of investor morale.
Risk hate has decreased dramatically in the past three days after US President Donald Trump announced that the high definitions that were placed against its trading partners (except for China, Mexico and Canada) have been suspended for 90 days. According to Coinmarketcap, the fear index and the greedy index still reads “fear”, but the result has improved from 15 to 27 in the past three days.
In addition, the price of Bitcoin recently exceeded the weighted moving average (VWMA), which was reading $ 82,625 as in writing this lines. This confirms the traction for a possible continuation of the upscale momentum. However, the upward procedure will be sustainable if the simple moving average for 10 days expresses SMA for 50 days, currently at 84,889 dollars.
Bitcoin prediction
The RSI momentum reading on Bitcoin price is 61, and it is preferable to continue in the upward trend if the procedure remains above 82,610 dollars. The bulls are likely to meet the first resistance of 83,680. However, if the momentum is further enhancing, the price will violate this sign and potentially test 84,660 dollars.
On the other hand, the breaking of less than $ 82,610 will turn the momentum into the negative side. This first support can be seen at $ 81,700. The collapse under this level will nullify the bullish momentum. Moreover, if the sellers extend their control, the price may collapse below this level and test 80,585 dollars.
