Bitcoin, as well as other cryptocurrencies, have been on a recovery path. As a result, most of the cryptocurrencies are bouncing back from the lows created just the weeks back. Same is the case with Bitcoin. It has hit an level of even $ 8700 in the recent bounce back.
However, in the last 24 hours, it is more or less flat.
It is defended the $ 8000 level pretty gracefully as well. During the last 24 hours, it went below $ 8000 for a few minutes. It went to as low as $ 7800. However, since then it has bounced back sharply and is again trading about $ 8000.
This clearly indicates that it is gaining at least some kind of support near the $ 8000 level mark. As a result, investors are also gaining more confidence in the cryptocurrency.
As per the technical indicators as well, there are multiple supports between 7800 levels and 8100 level. That is why it is important to look at the trading range between these levels. If the trading range between these levels are held firmly, it will also be able to recover in the coming few weeks. However, if the support is broken, it will again retest to the bottoms. This is the reason why many of the traders are closely watching these levels. Only if these levels are defended, Bitcoin will be able to rise further.
Even on the daily charts, it is trying to break above the falling trend line. If indeed, it manages to break the falling trend line, it will be reversing the trend. As a result, investors will also start investing in Bitcoin anticipating the bullish trend. That is why it is important to monitor the price movement in Bitcoin. If the price movement in Bitcoin rises above the trendline, it will indeed become easier for Bitcoin to rise even further.
With the changing technical indicators in Bitcoin, there might be a bitcoin rally in the future. At the same point in time, many of the traders are waiting for a complete reversal so that the buying signal is generated. If indeed, buying signal is generated, it will become easier for the Bitcoin traders to start investing in Bitcoin in a significant way.
Until that point in time, Bitcoin will trade around the current levels. It remains to be seen whether it will break the range on the higher side or the lower side.