On Tuesday morning, Bitcoin price slipped below $8,500 once again after the cryptocurrency managed a slight comeback over the weekend. Its trading volume was not sufficient to maintain the latest bull run.
BTC/USD Back Down To $8,200. The sell-off Subsides.
As of 12:30 PM EST, Bitcoin price is sitting at around $8,200. However, BTC/USD is currently on another upward trend that is testing a major resistance level at $8,250. A break above that could send Bitcoin price further toward the $8,300 mark it was trading at earlier today. The major support level for BTC/USD is held at $8,100.
The good news for investors is that last week’s bearish trend seems to have run out of steam. The low trading volume certainly indicates that the sell-off has subsided. Should further bullish trends arise later this week, a rally back to $8,500 is very likely.
The technicals indicate that in the short term, a Bitcoin market rally has to wait. Both the MACD and RSI are showing bearish signals, so investors will need to monitor whether the $8,100 support could hold later today.
Looking at the Technical Indicators:
Hourly MACD — Bearish signal
Hourly RSI — Bitcoin is in a bearish zone
Major Resistance Level — $8,250
Major Support Level — $8,100
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