Bitcoin (BTC) looks set to extend its two-day winning streak and could soon test the $9,000 mark, technical analysis suggests.
Over the last two days, bitcoin has retraced close to 30 percent of the recent drop from $11,660 to $7,335. Further, the cryptocurrency also witnessed an upside break of the key descending trendline yesterday. So, it appears the world's largest cryptocurrency by market capitalization has bottomed out for the short-term.
Trading volume in the last 48 hours has stayed around the monthly average of $6.64 billion, as per CoinMarketCap, which is a slight cause for concern.
the price chart analysis indicates BTC is possibly a building base around $8,200 for the next move higher towards $9,000.
BTC closed (as per UTC) above the 10-day moving average (MA) on Monday, indicating scope for short-term consolidation with a positive bias.
Both the 5-day MA and 10-day MA have bottomed out .
BTC will likely test $9,000 (psychological hurdle) and $9,157 (200-day MA) in the next 24-36 hours.
A daily close above the 200-day MA would open the doors for $10,000. Currently, further gains are ruled out.
A daily close (as per UTC) below $7,240 would revive the bearish outlook.
Bitcoin Price Today: Tuesday, March 19
Bitcoin hasn’t managed to snap out of its downward spin. Trading kicked off at $8594 on Tuesday, with the value dipping to $8403 at 9:35 am GMT. That could be the calm before the storm, however – some experts predict that Bitcoin is preparing to boom and could be valued at as much as $10,000 by the end of the week.
Bitcoin’s price continues to fall. After opening the day at $8700, it fell as low as $7715 just after 6 am GMT. It then climbed to $8270 at 10 am GMT, before slumping again.
