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Bitcoin Is Trapped Below $8,500 With No Way Out: Analysis

Stefan by Stefan
04/10/2019
in Bitcoin News
Reading Time: 2 mins read
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This time last week, the Bitcoin news first showed that there could be a potential drop to $6,000 for the most dominant cryptocurrency. Some analysts even pointed to the $3,000 as the next level for Bitcoin. And even though there are still many people who think that Bitcoin is trapped, fewer of them think that BTC will reverse to as low as $3,000.

What seems more and more obvious is the fact that Bitcoin cannot go upwards right now. The good news is that it has stabilized at this point and traders are hopeful that a strong move to $8,500 will occur over the coming days.

What’s evident in the cryptonews is that since the drop from $10,300, Bitcoin is trapped in the $8,000 to $8,400 region – and other altcoins are following. There is support at $8,000 and $7,850 as we have seen so far – right after the dominant cryptocurrency formed a double bottom at $7,715 and crawled above the 20 Moving Average on the Bollinger Band Indicator.

The last two attempts to make a strong upside were capped around $8,520 which is possibly the result of the volume that is continuing to frighten investors. If you are following the latest Bitcoin news, you can see that the BTC price has ridden right along the MA and met resistance once breaking above the upper arm in the $8,520 area. The digital asset is still closing below the 200-MA at $8,736 and the point is still acting as resistance.

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Generally speaking, Bitcoin is trapped and attempting to restore some of its lost territory in the short term. However, the longer time frame indicators show that there is a bearish bias – as compared to the long-awaited bullish momentum.

Currently, a drop below $7,800 is likely to raise another set of concerns and the stats show that there is limited demand in this area. Even though many people expect BTC to rise soon before dropping low, nothing can ever be assumed and no run is ever guaranteed.

A more positive bullish scenario is the one where Bitcoin overcomes the $8,500 region and then the $8,760 region – confirming a change of trend and proving that there is a bullish momentum. However, the reality is that Bitcoin is trapped for another day – and we don’t know what to expect in the near future.

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DC Forecasts is a leader in many crypto news categories, striving for the highest journalistic standards and abiding by a strict set of editorial policies. If you are interested to offer your expertise or contribute to our news website, feel free to contact us at editor@dcforecasts.com

Tags: bitcoin above 8500bitcoin analysisbitcoin bearishbitcoin bullishbitcoin daily newsbitcoin news nowbitcoin news todaybitcoin trapbitcoin trappedbtc trappedfeatured
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Stefan

Stefan

Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.

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