Bitcoin Price Analysis: BTC Bull Market At its Height

After the bearish trend, Bitcoin (BTC) is trying to gain back the momentum from the recent low of $11,200. On August 8th, the BTC price has gained more than 2% of its value in the last 24 hours, which is the second leading coin out of top-20 coins followed by Binance.

Advertisement Advertisement

Bitcoin price had a bullish Wednesday where the value went up from $11,471.50 to $11,974. However, before they could go back into the $12,000-zone, the bulls met resistance at the $11,975-level and bounced down to $11,865. 

At present, according to the coinmarketcap, Bitcoin is currently trading at $11,849.84 with more than 2% rise. BTC is currently holding market cap value of $211,752,636,125 with $22,069,104,835 24hour volume and 17,864,400 BTC circulating supply.

According to technical indicators, If Bitcoin breaks $11,500 level, and then $13,800, it could potentially rise fast and set a new one. 

  • The Relative Strength indicator has turned bullish on the one-hour time frame which is near 60 levels. Indicating a slightly overbought condition.
  • The MACD indicator has turned bullish on the one-hour time frame and continues to issue a buy signal.
  • The Parabolic SAR markers were below the candles and showcased a bullish market.

Show More

Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

Related Articles

Leave a Reply

Your email address will not be published. Required fields are marked *

Back to top button