Bitcoin, the largest cryptocurrency in the world, has been trying to get back up to the $4000 mark. However, it is facing heavy resistance. At press time, the price of Bitcoin was $3,843, with a market cap of $68.5 billion, and the coin registering a fall of 3.08% against the US Dollar.
The 24-hour trading volume was $10.23 billion, with most of the trading volume coming from BitMEX exchange via the trading pair BTC/USD. BitMEX contributed a whopping $1.5 billion in trading volume, almost 12% of the total volume traded.
The one-hour chart showed a small uptrend that extended from $3,732 to $3,835, while the downtrend for Bitcoin extended from $4,163 to $3,848. The prices bounced off the support zone that extended from $3,696 to $3,713. BTC was testing the resistance at $3,848.
The Parabolic SAR markers were found above the price candles, indicating a bearish trend for Bitcoin.
The MACD indicator showed that the MACD and the signal line were undergoing a bearish crossover, which was represented by the histogram having red bars below the zero-line.
The Relative Strength Index was recovering from the overbought zone and the RSI line, at press time, was between the 70 and the 60 line, indicating a bullish trend.
The price candles for Bitcoin in the one-day chart showed a downtrend, extending from $9,800 to $3,857, with no uptrend in sight. The prices were supported at $3,189, while bouncing off the immediate resistance at $4,111. Subsequent resistance was found at $7,641.
The Aroon indicator showed a collapsing Aroon green line, indicating exhaustion of the uptrend. The Aroon red line tried to head towards the 100-line, but exhausted mid-way.
The Stochastic RSI indicated a bearish crossover, picturing a difficult few days for BTC.
The Chaikin Money Flow was just above the zero-line, indicating that money was flowing into the BTC markets. However, the inflow of money was quite less to be significant.
The one-hour chart for BTC showed a largely bearish trend, as confirmed by the SAR and the MACD indicators. However, the RSI showed a budding bullish trend. The Aroon and Stochastic RSI showed a bearish scenario for BTC, while the CMF showed a slightly bullish trend.
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