Bitcoin’s short-term rally came to a halt and the prices are once again moving in a sideways trend and the price candles are arranged to form a pattern that might break out soon.
The current price of Bitcoin at the time of writing was at $3,556, with a market cap of $63 billion. The 24-hour trade volume of BTC was at $6.1 billion. Most of the trade volume comes from Bitcoin perpetual contracts from BitMEX exchange via trade pair BTC/USD.
The one-hour chart for BTC shows an uptrend that extends from $3,366 to $3,577 while there is no clear downtrend seen for now. The support at $3,366 is holding fine, while the resistance points at $3,564 and $3,577 were being tested at press time.
The Parabolic SAR markers are signifying a bearish trend for BTC prices at the moment. There are no reversal signals being indicated as of now.
The MACD indicator shows a collapsed position, as the MACD and the signal lines are both below the zero lines. The aforementioned lines show the…
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