The price of Bitcoin (BTC), the largest crypto currency by market capitalization, is quoted at USD 9,375, which represents a loss in value of 0.2% in the last 24 hours and the same for today’s session.
The broader cryptomarket generally follows Bitcoin, with Ethereum’s Ether (ETH) down around 0.27% and XRP with a lower but still relatively flat yield of less than 1% at USD 0.19 per XRP. Meanwhile, Bitcoin’s dominance remains stable at 65% after a couple of weeks of strong altcoins.
Chart for one week
The 1-week chart for the Bitcoin price shows seven weeks of consolidation below the price of USD 10K, a price point that has been hard to come by since September 2019.
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Trading continues to take place above all the key weekly moving averages (WMAs), with the 50-week and 20-week WMAs playing an important recent role in the support price. While the price remains above the 20, 50, 100 and 200 week moving averages, it is reasonable to describe the market as bullish while it consolidates below the resistance. Bitcoin must still print a higher peak and convert 10K into support, which would be an indication that the BTC/USD is in a bullish market.
Overall, volume has been decreasing as would be expected during the upward consolidation. The On Balance Volume (OBV) indicator, which can highlight where there is a deviation between volume and price action, shows the lack of higher peaks. This is largely a consequence of the high volume of sustained rejection weeks when prices were below USD 8K.
A break in the OBV while holding the price may be an indication of weakness, but this has not yet been seen and the lesser volume consolidation seems to continue to favor the bulls for now.
Key support for Bitcoin could be expected around the annual pivot and the 50-week and 20-week moving averages, which are complemented by high volume interest at this level at around USD 8,150 – USD 8,650.
Any Bitcoin breakout would probably see this level as a major battleground, with the 100-week MA at USD 7,250 as the next level to look for, as it was a major resistance level during the climb from USD 4K.