Share this article
Holding Strong: Failed Price Breakdown a Boon for Bitcoin Bulls?
Despite a dip to below $8,000 overnight, bitcoin once again approached record highs today and is holding at over $8,200.
Updated Sep 14, 2021, 1:55 p.m. Published Nov 24, 2017, 12:15 p.m.
Bitcoin has witnessed decent two-way business in the last 24 hours.
A drop below $8,000 during the Asian day was quickly undone and the world's largest cryptocurrency by market value once again approached record highs, hitting $8,333 this morning.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
At press time, bitcoin is changing hands at $8,228, according to CoinDesk's Bitcoin Price Index.
As per CoinMarketCap, the bitcoin-U.S. dollar (BTC/USD) exchange rate has appreciated by 1.13 percent in the last 24 hours. Meanwhile, the total trading volume in the last 24 hours was $5 billion, the highest since Nov. 16.
The price action analysis indicates the failed breakdown below $8,000 may be costly for the bears.
4-hour chart
The chart above shows:
Advertisement
- Failed breakdown: BTC witnessed a solid rebound from the upward sloping 50-MA and is back in the rising channel.
- The relative strength index (RSI) holds above 50.00 (bullish territory).
1-hour chart
View
The charts suggest a rally to new all-time highs around $8,600 (rising channel ceiling) is possible. The 10-day moving average (MA) is sloping upwards, suggesting dips below the same could be short-lived. Currently, the 10-day MA stands at $7,949 levels.
However, multiple 4-hour closes below $7,900 levels would warrant caution on the part of the bulls. In such a case, a deeper pullback to sub-$7,600 could be seen.
Spanner image via Shutterstock
More For You
Exchange Review - March 2025
CoinDesk Data's monthly Exchange Review captures the key developments within the cryptocurrency exchange market. The report includes analyses that relate to exchange volumes, crypto derivatives trading, market segmentation by fees, fiat trading, and more.
What to know:
Trading activity softened in March as market uncertainty grew amid escalating tariff tensions between the U.S. and global trading partners. Centralized exchanges recorded their lowest combined trading volume since October, declining 6.24% to $6.79tn. This marked the third consecutive monthly decline across both market segments, with spot trading volume falling 14.1% to $1.98tn and derivatives trading slipping 2.56% to $4.81tn.
- Trading Volumes Decline for Third Consecutive Month: Combined spot and derivatives trading volume on centralized exchanges fell by 6.24% to $6.79tn in March 2025, reaching the lowest level since October. Both spot and derivatives markets recorded their third consecutive monthly decline, falling 14.1% and 2.56% to $1.98tn and $4.81tn respectively.
- Institutional Crypto Trading Volume on CME Falls 23.5%: In March, total derivatives trading volume on the CME exchange fell by 23.5% to $175bn, the lowest monthly volume since October 2024. CME's market share among derivatives exchanges dropped from 4.63% to 3.64%, suggesting declining institutional interest amid current macroeconomic conditions.
- Bybit Spot Market Share Slides in March: Spot trading volume on Bybit fell by 52.1% to $81.1bn in March, coinciding with decreased trading activity following the hack of the exchange's cold wallets in February. Bybit's spot market share dropped from 7.35% to 4.10%, its lowest since July 2023.
More For You
This article is created to test tags being added to image overlays
Dek: This article is created to test tags being added to image overlays
What to know:
- Ethena's USDe becomes fifth stablecoin to surpass $10 billion market cap in just 609 days, while Tether's dominance continues to slip.
Top Stories
