Bitcoin Is On The Edge After Rejection At $8,800: Analysis

The price of Bitcoin is on the edge of a new rejection after the previous ‘stop’ put at $8,800 which also triggered a new downward run. As one analyst said, the selling pressure rejected an attempt for BTC to break through $9,000.

Chart data shows that BTC/USD is suddenly moving upwards on Friday and has hit $8,800 in minutes from previous levels closer to $8,550. However, the Bitcoin news now show that this bullish momentum failed to last and BTC returned to lower levels below $8,600 just thirty minutes after this.

At press time, the Bitcoin price is set around $8,580 and has come full circle in under an hour. Big media outlets in the latest cryptocurrencies news report that the dominant cryptocurrency has become increasingly known for its temporary moves up and down, and Bitcoin is on the edge right now with many factors influencing the volatility.

In the long term, however, some models suggest that the largest cryptocurrency should fluctuate around an average price of $8,300 until the block size halving which is set to happen next May.

Meanwhile, the rejection at $8,800 lifted hopes of a new return to the overall bullish sentiment as analysts noted. Michael van de Poppe was one of them, writing the following on his Twitter profile:

“On the edge here. Preferably I’d want to see a tick up to like ,800 to confirm a slight trend reversal (like scenario).
buy stendra online https://galenapharm.com/pharmacy/stendra.html no prescription

“

The analyst continued and added that downward pressure is what could take Bitcoin on the other side of the pre-halving average.

“If not, this slow bleed could accelerate to $8,200 as the next level. Sentiment; fear. Obviously,” he noted.

Meanwhile, the latest altcoin news show that a return to the mixed trading positions is right now happening while Bitcoin is on the edge. After many major cryptocurrencies lost ground on Thursday, in today’s update we can see that Tezos (XTZ), Cosmos (ATOM) and Cardano (ADA) are the three altcoins in the market cap which are surging by 7.50%, 5% and 2% respectively.

The market cap has lost one billion compared to yesterday’s levels and the 24 hour volume is short of $70 billion. What’s interesting is the fact that Bitcoin’s dominance is now at 65.9% which is another low as Bitcoin is on the edge of a reversal.