- Increasing bearish momentum sent Bitcoin spiraling below $7,500.
- Bitcoin is in a sideways trending motion between a narrow range ($7,750 - $8,250).
Bitcoin has been on a rollercoaster ride in the past few days. There was a break above $8,000 last week for the first time in 2019, however, the bullish momentum stalled at $8,384.66 giving way for a correction to the south. Increasing bearish momentum sent Bitcoin spiraling below $7,500. Further downside correction found support at $6,500 before the bulls returned Bitcoin above $8,000.
Meanwhile, Bitcoin is pivotal around $8,000 with the initial intraday support established at $7,750. The current value of BTC is $7,884 amid a sideways trending motion between a narrow range ($7,750 - $8,250). Bitcoin is also supported by the 100 Simple Moving Average (SMA) and the 200 Exponential Moving Average at $7,000. Last week Friday support at $6,500 will be the last resort in stopping declines below $6,000 in the event a reversal occurs.
Bitcoin buyers are looking forward to a correction to $10,000 but first, they must clear the resistance at $8,400, $8,500 and $9,000. However, most experts believe that Bitcoin is ready for a correction and it is already in a bullish mode.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility.