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BTC/USD Price Analysis After Halving

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Over the past four days, the cryptocurrency market has been under strong sales pressure, especially the largest cryptocurrency, Bitcoin. The fall at the weekend drove the price down to $ 8,100 and confirmed the presence of buyers above $ 8,000.

bitcoin halving 2020

A dump before halving occurred unexpectedly and took many traders by surprise. Investors’ expectations regarding the triumphant growth of bitcoin after the reduction in daily emissions did not materialize. Even now, BTC / USD is unable to overcome resistance at $ 8800.

Currently, BTC is trading at $ 9070 on the Bitxmi crypto exchange. Overcoming the $ 9,000 mark may mean that the bulls have finally gathered and are ready to return above the $ 10,000 level. 

halving bitcoin

In the short-term technical perspective, Bitcoin will be in the hands of the bulls. Its instantaneous losses are supported by the uplink. It also helps to keep the price of 21 simple moving average (SMA) in the range of 30, and 50 SMA is currently $ 8800.

At the time of writing, the trend of the Relative Strength Index (RSI) shows that sellers are gaining momentum after Bitcoin was unable to overcome resistance at $ 9,000. If the volume continues to expand, bears may seize the initiative. The most important viewing levels are 50 SMA and channel support. Further decline could lead to the level of $ 8600, $ 8400, and $ 8200. 

Daily Key BTC Levels

  • Spot rate: $ 8912
  • Relative change: 91
  • Percentage Change: 1.1%
  • Trend: bearish bias (short term)
  • Volatility: Expansion

 

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