Bitcoin price review: Bullish Attempt or Bearish Trap

There is little chance of seeing a solid upward movement in Bitcoin.
Ethereum fails to take the lead either.

Tomas Salles FXStreet

Bitcoin is quoted early in the afternoon at $7,948 after the surge started several hours ago.

The bullish signal zone is at $8,150. The signal will trigger if BTC/USD manages to close and hold above that level.

However, that's just one of the necessary conditions to label the market as fully bullish. The second condition is to see Ethereum outperform Bitcoin. The confirmation of this would be to see the ETH/BTC pair trading above 0.03356.

It is unlikely that any bullish initiative can consolidate. The daily time horizon charts show that some indicators are still in an expansion (bearish) phase – which makes it challenging to produce an upward turn on a global market scale now.

On the hourly chart, we see how the BTC/USD pair has been unable to pass the SMA200 at $7,989. The SMA100 at $7,850 should support the price in case of falls.

BTC/USD leaves session high at $8,088.

Get 24/7 Crypto updates in our social media channels: Give us a follow at @FXSCrypto and our FXStreet Crypto Trading Telegram channel

Author

Tomas Salles

FXStreet

Tomàs Sallés was born in Barcelona in 1972, he is a certified technical analyst after having completing specialized courses in Spain and Switzerland.

Markets move fast. We move first.

Orange Juice Newsletter brings you expert driven insights - not headlines. Every day on your inbox.

Editor's Picks

XRP steadies above $1.90 support as fund inflows and retail demand rise

Ripple (XRP) is stable above support at $1.90 at the time of writing on Monday, after several attempts to break above the $2.00 hurdle failed to materialize last week. Meanwhile, institutional interest in the cross-border remittance token has remained steady.

Cardano struggles to extend gains as retail interest wanes despite Midnight's NIGHT token launch

Cardano ticks higher after a bearish weekend, struggling to extend an upcycle within a descending wedge pattern. On-chain data shows an increase in trading volume and user activity after the Midnight side chain token launch.

Crypto Today: Bitcoin, Ethereum recover as XRP remains supported by ETF inflows

Bitcoin is trending up toward the pivotal $90,000 level at the time of writing on Monday, which marks four consecutive days of gains. Altcoins, including Ethereum and Ripple, are also rebounding above key short-term support levels.

Bitcoin nears $90,000 as recovery hopes clash with institutional outflows

Bitcoin is approaching the $90,000 resistance level at the time of writing on Monday, raising hopes of a short-term recovery. However, the bullish recovery is being challenged by weakening institutional demand, as evidenced by outflows from Spot ETFs.

Orange Juice Newsletter – Smart insights by real people. Every day.

A free newsletter highlighting key market trends to help traders stay a step ahead. Daily insights on the most relevant trading topics, compiled by our experts in an easy-to-read format so you never miss an important move.

Bitcoin: Fed delivers, yet fails to impress BTC traders

Bitcoin (BTC) continues de trade within the recent consolidation phase, hovering around $92,000 at the time of writing on Friday, as investors digest the Federal Reserve’s (Fed) cautious December rate cut and its implications for risk assets.

Legal Text

Markets move fast. We move first.

Editor's Picks