Bitcoin bulls are active above the $7,500 area and may continue to push BTC price higher. The Cryptocurrency became corrective and volatile after it rejected the $7600 area. Let’s check Bitcoin Technical Analysis for more levels and insights.
March 10, 2020, | AtoZ Markets – Bitcoin broke below $8500 area with strong Bearish pressure recently. The current price structure is quite volatile and corrective. As per the present scenario, Bitcoin may retrace higher as Bulls are trying to fill up the gap in the coming events.
The cryptocurrencies markets have been quite volatile over the past several days and weeks, where Bitcoin fell from $10,500 to $7600 suddenly. The intense downtrend had brought the Bitcoin to a critical macro support level, which provided investors with an opportunity for buying lows. Bitcoin has been tested as a safe haven market after the Coronavirus outbreak when the global stock market fell but it could not get a piece of what Gold enjoys currently.
Bitcoin Bulls Active may Push the Price Higher
Bitcoin found support at $7900 area and trying to push higher. The price has been quite corrective and volatile after Bitcoin broke below $8500. Bitcoin Bulls are still active now and may push the price higher in the coming days.
Image: Bitcoin 4 Hour Chart
According to the 4-hour chart, the Bitcoin is now trading at $7900 and pushing higher. Bulls may fill up the gap from the last session if price manages to push higher. In this case, if the Bulls take the price above $8000 area, upcoming Bullish pressure may sustain further higher towards $8500 resistance and event level.
Moreover, the dynamic level of 2o EMA is residing above the price, along with the Kijun line. It may pull the price higher and fill up the gap. Furthermore, the MACD lines Bullish cross over in the making and the histogram volumes are squeezing higher below 0.00 level. As per current observation, it indicates that Bulls may take over the market soon at least for a certain period.
Bitcoin Bearish Pressure may Sustain Further
According to the Daily chart, the price is currently residing near $7900 area while Bitcoin Bulls are currently active. Bitcoin broke below from $9200 – $7600 with a gap on last Monday. The price may now fill up the gap by retracing higher towards the $8500 area.
Image: Bitcoin Daily Chart
Moreover, the dynamic level of 20 EMA is residing above the current price, along with the Kijun line and the Tenkan line. As a result, it may pull the price higher as Mean Reversion. In the future, if Bitcoin retraces higher towards the $8500 resistance and rejects with a daily Bearish bar, the Bearish pressure may sustain further with the target of $7500 area.
To conclude, Bitcoin Bulls are currently active and may take the price higher towards the $8500 area. Despite the strong Bearish pressure, Bulls may remain active as Bitcoin price is above $7500 region.