Bitcoin’s Bullish Trend Weakest Since February, According To Price Indicator, What Does This Mean For BTC?

Bitcoin Price Analysis – According to Chaikin Money Flow (CMF) indicator, Bitcoin’s bullish movement has been at its weakest level for up to five months. A current three-day chart for CMF’s study of trend strength and trend change determination using trading volumes and prices showed 0.02. Though a positive CMF shows bullish bias, the current reading is the lowest since February 20. This reading shows that the market is least bullish for the world’s leading crypto asset.

Bitcoin Price Prediction- Bitcoin to Recover Fully by the End of the Year

Despite the weak bullish run, crypto experts predict that institutional interest may push Bitcoin price back to $20,000, its all-time highs. The increased interest of institutions in the digital asset is expected to facilitate the price increase by the end of the year. Also, there are predictions that Bitcoin may hit above $20,000 next year However, Bitcoin dipped below $10,000 again on July 26. The cryptocurrency recorded daily losses totaling about 3% as the market witnessed renewed selling pressure on the top crypto asset.

Bitcoin (BTC) Price Today – BTC / USD

#NamePrice24H %
1
bitcoin
Bitcoin(BTC)
$8,277.50
-0.55%

Though Bitcoin traded at $4,000 five months ago, the long term bias remained bullish. As at the time of the report, the cryptocurrency is at $9,800 on Bitstamp. This price is higher than the 200-day moving average at $6,270. Bitcoin created a bearish lower highs pattern during its recent downtrend from $13,880 to $9,049. The CMF’s retreat from the 21-month high of 0.40 to the recent five-month dips validates the short duration of bearish reversal.

Analysis of the charts for other short term technical studies on the top cryptocurrency also indicates a bearish trend. Besides, a bearish development was spotted on Bitcoin’s chart yesterday when it closed below $9,900. The cryptocurrency faced rejection at the descending trendline hurdle close to $10,200.

However, the crypto asset’s failure to break out the trendline hurdle encouraged the bearish view suggested by the 5- and 10-day MAs. The bearish crossovers of the 5-, 50- and 10-, 50-day MAs also encouraged a downtrend. Besides, the relative strength index showed bearish conditions with a below-50 print. Consequently, Bitcoin dip to $9,049 on July 17.

Bitcoin News Today – Bitcoin Price Prediction – Bitcoin Price Forecast – Bitcoin May Witness an Uptrend Soon

Bitcoin is attempting a recovery despite the bearish conditions. Earlier today, Bitcoin plunged to a low of $9,650. However, the dips below $9,600 over the past three weeks have been consistently short-lived. Buyers may step in if the cryptocurrency continues to maintain the level over the next few hours, increasing the prices to the 50-day MA, which is at $10,304 now.

Bitcoin is likely to bounce back to $10,300 again if the cryptocurrency fails to break the support at $9,600. However, a price increase above $11,120 is required to revive the bullish view. Besides, the lower highs pattern will be invalidated. Bitcoin is expected to move further upwards in the coming months.

Though Bitcoin dipped today, some digital assets recorded modest gains. Noticeable among them are Cardano (ADA) and Bitcoin Cash (BCH) which moved 1.8% and 1.4% respectively. At the press time, the total cryptocurrency market value was $271, with Bitcoin’s share just below 64.5%.

Ufuoma Ogono is a cryptocurrency writer with over 3 years experience in the cryptocurrency industry. She dedicates her time to sharing valuable information to members of the cryptocurrency community.

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