- Bitcoin tests a new weekly high of $9,586
- Bitcoin fails to break over the $9,600 mark
- Bitcoin price may correct lower before another major rally
Bitcoin News Today – The price of Bitcoin (BTC) recently experienced a sharp upsurge. The digital currency moved from its short-term range over the $9,350 mark. On Bitfinex exchange, the price of Bitcoin recorded a high of $9,586. Nevertheless, the digital currency encountered a major hurdle, as the bulls were not able to break over the 100-day Moving Average. BTC to USD price has dropped lower after it failed to break over the $9,600 resistance level. Josh Rager – a digital currency trader – said:
“About time $BTC, nice push, battling the weekly open resistance at the moment. Closing above this area would be great, considering the open and interest and funding rates were positive, usually a sign before a drop. Focus is $9,547+ for a daily close.”
Bitcoin (BTC) Price Today – BTC / USD
Bitcoin Shows Signs of a Potential Drop
The funding rate on BitMEX has remained positive since the flash rise of 30 percent. In addition, open interest also increased significantly over the past twenty-four hours. According to Rager, these are some of the signs you see before a price drop. Okex – another top digital currency trading platform – experienced a huge inclination to the short side. The long/short ratio among the top 100 traders dropped below 1, it is presently at 0.85. Moreover, there was only a slight change in the long/short ratio on Bitfinex.
The overall sentiment of the digital currency market remains bullish. However, the strength of the short-term bull market continues to battle resistance. On a longer time frame, BTC resistance is formed by the descending line, which touches its year-to-date high of $13,880.
Bitcoin Major Resistances Remain at $9,600 and $10,000
Tone Vays suggested the descending line of the digital currency in his Trading Bitcoin update yesterday. At the moment, the downtrend channel support is at the $7k level, possibly a lower low. The major resistances of the coin remain at $9,600 and $10k for bullish confirmation. Bitcoin needs to break over those levels to confirm the return of the bulls.
The sentiments of the market remain poised as the fear and greed index is intact close to the midway mark. The digital currency market also turned positive. The price of Stellar Lumens (XLM) surged by more than 20 percent after a token burn of more than 50 percent. Litecoin, Cardano, and EOS were among the top gainers over the past day. Bitcoin (BTC) dominance is presently at 67 percent.