“A high volume falling channel breakout on the 4-hour chart, if confirmed, would revive the bullish outlook and open the doors to $8,500,” the online publication said. “The 4-hour chart moving averages and trading volumes indicate the price is more likely to fall back to $7,500 in the next 24 hours.”
“A break below $7,500 would validate the bearish doji reversal confirmed by Sunday’s close below $8,000 and allow a deeper drop below $7,000.”
In today’s trading, the Bitcoin price stood at $7,811.54, as of 14:04 BST. The digital coin has lost 2% of its value in the past 24 hours. Its total market capitalisation currently stands at $138.7 billion, which represents 55.6% of the combined value of all digital currencies.
Featured image: Visual Generation / Shutterstock.com
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