The price of Bitcoin (BTC) continues to hold above $ 18,000; the danger of a crash seems to be over for the moment. The bulls have lost control of the markets on a daily basis; miners are not helping their affairs. All is not dark for Bitcoin, however, with traders and institutional investors continuing to trust BTC and buy troughs.
The Bitcoin price of the day is offered to you in partnership with the application Swissborg. For a simple registration and a deposit of 50 euros, you will receive up to 100 euros in bitcoins as a welcome gift by following this link.
Big gap between RSI
Bitcoin fell below $ 18,000 again today, December 10, 2020. The BTC fell to the $ 17,950 level before rising to $ 18,308 as of this writing.
The daily RSI (14) of Bitcoin dropped to 52, leaving the bullish zone and currently in a neutral zone.
The weekly and monthly RSI (14), however, are 73 and 69 respectively; Bitcoin therefore remains strongly bullish over these longer periods.
The $ 18,000 currently coincides with the 5-week moving average of the BTC. A break in this support line could very well lead to big falls.
Pressure from miners, trust from traders
According to data from CryptoQuant, the Miner’s Position Index hit a 3-year high, indicating miners about to sell their BTC.
The selling pressure on the price of Bitcoin could increase in the short term; miners could allow bears to take over the markets.
Source : Image via Twitter
The BTC dropped out of the $ 19,000 – $ 20,000 area after repeatedly failing to break the resistance of $ 19,400 – $ 19,500.
The fall of Bitcoin below $ 18,000 now appears to be a buying opportunity for institutional investors like Grayscale, Square and PayPal, who buy the hollow.
The BTC had fallen to the $ 17,650 level yesterday, December 9, 2020, before rising sharply.
According to analysts Santiment, this rebound was accompanied by an explosion in trading volume BTC, indicating an increase in traders’ confidence in the short term.
It is still unclear at this time whether yesterday’s drop was the bottom of a major correction for Bitcoin, or whether to expect a dip below $ 17,650 in the coming days. $ 18,000 BTC Pulled Across The Bulls and Bears Battle of the Bulls and Bears is currently about taking daily control of the markets.
Litecoin, welcome in the Silver Age