Bitcoin lost the battle with the key resistance of 8,000 USD and edged lower to 7,860 USD as of 8:30 a.m. ET. Bitcoin price is struggling to climb further higher within range and might decline in the short term before a fresh rise above the 8,200 USD resistance.
The price is slowly moving lower in a range and it could test the 7,700 USD or 7,660 USD support.
The bulls face middling resistance to 8,000 USD as per the daily confluence detector. Currently, the price is sandwiched between resistance and support levels. Over the last few days, the bulls have repeatedly tried and successfully breached the 8,000 USD level, but they have failed to sustain it successfully.
The crypto markets have undoubtedly been in an uptrend over the past several weeks that has allowed Bitcoin to set fresh year-to-date highs in the mid-8,000 USD region, and despite facing several pieces of somewhat bad news, BTC has continued to surge higher. Analysts now believe that Bitcoin is likely to surge into the 9,000 USD region in the near future, which may be sparked as soon as BTC surges past its current resistance level around 8,200 USD.
It now appears that the lower 9,000 USD region is Bitcoin’s monthly resistance level, which means that it will require a significant amount of buying pressure to be broken above.
Among the major news on the market is that the US Securities and Exchange Commission (SEC) postponed its decision on the VanEck/SolidX bitcoin (BTC) exchange-traded fund (ETF) proposal, signaling that the regulator is still not ready to see crypto-based funds being traded on regulated exchanges. However, while the general sentiment is that the agency will continue to push back, there’s a slight chance that a crypto ETF might come as soon as later this year.
Crypto market recap
Crypto market is mixed on Wednesday with Bitcoin inching lower by 0.55% to 7,860 USD at 8:30 a.m. ET. The cryptocurrency had strong upward move at the beginning of the day, but during Asian trading session lost ground and fell to daily low of 7,820 USD.
Ethereum is slightly into the green, rising by 0.68% to 253.08 USD. The cryptocurrency followed the trends of Bitcoin, but in mid-session returned back to daily high, before correction some of the gains.
Ripple’s XRP is down by 0.6% to 0.39276 USD, while Bitcoin Cash wiped out 1.5% to 408.21 USD. EOS and Litecoin are also into the red, declining by less than 1%.
The biggest winner today is Binance Coin, which appreciated by 8% to 31.52 USD and still keeps the uptrend. A mysterious tweet by Binance yesterday, giving a picture of “2.0” appears to have ignited a wave of fomo for the exchange based token. Yesterday, the cryptocurrency climbed to its all-time high of over 32 USD.
Following today’s movements, the total cryptocurrency market value fell slightly to 246.571 billion USD.
Bitcoin price analysis
In the past few sessions, there were swing moves in Bitcoin price below the 8,200 USD resistance area. The cryptocurrency recently climbed from the 7,578 USD low to 8,172 USD. However, the Bitcoin failed to climb further higher and started a fresh decline below the 8,150USD level. There was a break below the 8,050 USD support and the 50% Fibo retracement level of the last wave from the 7,578 USD low to 8,172 USD high. Moreover, there was a break below the key 8,000 USD support area.
More importantly, this week’s followed key bullish trend line was breached with support near 7,980 USD. The pair tagged the 7,820 USD level and the 61.8% Fibo retracement level of the last wave from the 7,578 USD low to 8,172 USD high. The main supports on the downside are near 7,820 USD and 7,800 USD. Besides, the 100 hourly SMA is also near the 7,800 USD level to prevent a downside break. If there are more losses, the price could revisit the key 7,660 USD and 7,620 USD support levels.
On the upside, immediate resistance is near the 8,000 USD level. A successful break above the 8,000 USD barrier could push the price towards the 8,150 USD level. Having said that, the price could start a strong upward move if it climbs above the 8,200 USD level in the near term.
Bitcoin price seems to be trading in a broad range above the 7,600 USD pivot level. In the short term, there could be range moves, but the price is likely to grind higher towards the 8,000 USD and 8,200 USD levels in the coming sessions. The key resistances are 8,280 USD and 8,300 USD, above which the price might surge towards the 8,500 USD resistance level.