Skip to main content

Bitcoin Technical Analysis: BTC Price Holds Above $35,000 But Momentum Slows

Bitcoin Technical Analysis: BTC Price Holds Above $35,000 But Momentum Slows

Bitcoin’s price is holding above the $35,000 level, but positive momentum has slowed over the past week according to technical indicators. The world’s largest crypto asset by market capitalization closed at $35,369 on November 8.

As Global Markets Show Mixed Signals, Bitcoin Rally Takes a Breather Above $35,000

Global markets fluctuated on Wednesday, November 8, 2023, as investors await remarks from U.S. Federal Reserve chairman Jerome Powell later today. Traders have attempted to determine how forcefully central bankers will counteract the recent decline in Treasury bond yields. Currently, cryptocurrency markets remain steadfast, with bitcoin (BTC) persisting above the $35,000 mark.

Bitcoin

The relative strength index (RSI), a momentum oscillator that measures the speed and change of recent price movements, currently sits at 77 which is in overbought territory. This suggests downward pressure on the price in the short term. The Stochastic oscillator is showing a reading of 75, indicating the confirmation of overbought levels. Meanwhile, the commodity channel index (CCI) is at 76, reflecting the recent upward price action.

Bitcoin’s moving averages paint a bullish picture in both the short and long term. The 50-day exponential moving average (EMA) currently sits at $31,113 while the 50-day simple moving average (SMA) is at $29,927, with prices comfortably above both averages. The 100-day exponential moving average is at $29,612 and the 100-day simple moving average is at $28,562. BTC is trading well above these mid-term averages and resistance points.

Bitcoin chart by TradingView

The long-term moving averages also provide significant levels of support. The 200-day exponential moving average is at $28,327 and the 200-day simple moving average is at $28,512. Bitcoin’s ability to hold above these levels reflects sustained buyer interest during the past seven days. However, the overbought readings on momentum oscillators suggest some consolidation or a minor pullback could occur before BTC can make another leg higher.

Overall, Bitcoin’s technical picture remains constructive but looks due for a pause or minor correction after the recent rally. As long as the price holds above the key $30,000 support level, the longer-term uptrend remains intact. However, a break below $30,000 would put the bulls back on the defensive.

Register your email here to get weekly price analysis updates sent to your inbox:

What do you think about today’s bitcoin price action? Share your thoughts and opinions about this subject in the comments section below.



from Bitcoin News https://ift.tt/Z9gK2c7
Labels:

Comments

Post a Comment

Popular posts from this blog

Deep Web Roundup: Dream Adds Monero and Bitcoin Tumbler “Chip Mixer” Launches

The darknet has been quiet of late, which is the way it’s meant to be. No news means no mega busts, honeypots, or mass market shutdowns. Even when it’s out of the spotlight though, the deep web is quietly making news, whether trialling the latest privacy coins or the newest coin mixers that promise to restore a little of the privacy that’s being stripped away from bitcoin users on a daily basis. Also read: U.S. Agency ICE Conducts Investigations That Exploit Blockchain Activity The Battle for Privacy Heats Up Privacy is all relative, but of late there’s been relatively little privacy to be enjoyed by bitcoin users. Blockchain monitoring software is becoming more sophisticated and more common, with U.S. law enforcement agencies using it to profile and hunt down deep web users. Chip Mixer is a relatively new bitcoin tumbler that’s designed to restore some of that privacy. Available on both the clearnet and darknet, the service uses a variety of techniques to obfuscate blockchain m...
10 comments
Read more

International Crypto Exchange Luno Adds Bitcoin Cash Trading

Luno exchange has added bitcoin cash trading to the platform following feedback from its client base. BCH is now only the third cryptocurrency available for trading on the exchange, in addition to BTC and ETH , but more options could be on the way once Luno determines that they are credible enough. Also Read: Bitflyer Adds Bitcoin Cash Trading Across Europe and the US Luno Adds Bitcoin Cash Trading Luno, the London-headquartered company formerly known as Bitx, recently announced that bitcoin cash was made available on its cryptocurrency exchange. Starting from Monday, September 23, customers at Luno are now able to store, buy and sell BCH on the platform. The reason given for adding BCH to the exchange is feedback from users in developing markets that convinced Luno to expand their offering from previously just BTC and ETH . Marcus Swanepoel, CEO of Luno, said , “We are in a new and exciting financial era. Developing economies are leading the large-scale adoption and appli...
Post a Comment
Read more

Ombudsman Receives Complaints About Crypto Investments in Spain

The Spanish ombudsman has been receiving complaints about cryptocurrency and how some Spanish citizens investing in these vehicles have lost everything. In his annual report, Angel Gabilondo recognized the rise of cryptocurrencies as a new problem due to the little or no regulation crypto sees in the country. In the same way, the EU has also warned about these assets recently. Spanish Ombudsman Gives His Take on Crypto Angel Gabilondo, the Spanish ombudsman, has given his take regarding cryptocurrencies and the effects they have on citizens investing in some of these projects. Gabilondo said in his yearly report that cryptocurrencies have become “a new problem” during the year examined, with many people having lost all of their funds invested. The report states : Cryptocurrency exchange companies or platforms are not regulated in the legal system, are not subject to any public supervision system, nor do they benefit from deposit guarantee systems. The affected users that sought...
Post a Comment
Read more