The value of Bitcoin (BTC) is still in the zone of correction as it hovers around the area of interest which is from $6,850 to $7,100. The value of the digital currency continues to test the areas where the bulls are expected to show up and confirm that it has bottomed out.
Bitcoin (BTC) Price Today – BTC / USD
At the time of writing, Bitcoin (BTC) is trading at $7,050 after losing about 1.3 percent of its value over the past twenty-four hours. The current market cap of the digital currency is $119.56 billion and its trading volume over the past twenty-four hours is $3.89 billion.
Bitcoin (BTC) Price and Technical Analysis
The longer-term 200 simple moving average is beneath the 100 simple moving average, signaling that the path of least resistance is presently heading north. This means that the chances that the coin will resume its upward trend are very high.
Nevertheless, the gap between them seems to be slim, and this could be signaling a slower bullish traction. The value of the coin also broke beneath the $7k key psychological level and the 61.8 percent Fibonacci retracement level – meaning the bullish momentum at that area is still not strong enough to resume the upward trend.
Relative Strength Index
The relative strength index is gradually heading north after being in the oversold zone for a while. This indicates that the sellers are on break but they are also finding it difficult to get back on their feet. Also, the stochastic oscillator is trying to pull out of the oversold territory again to indicate that buyers are in control.
Goldman Sachs Is Taking a Stake on the Crypto Industry
According to reports, Goldman Sachs is taking a stake on the digital currency industry, bring hopes of strong institutional interest. Reports like these have bolstered the value of the BTC in the past weeks, but traders are not responding as much to this recent news.
Princess Ogono is a writer, lawyer and fitness enthusiast. She believes cryptocurrencies are the future. When she's not writing, she spends time with her adorable cat, Ginger and works out often.