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Bitcoin has managed to gain certain bullish momentum, rejecting off $9,400 area and sustaining the overall bullish bias in the market. It struggled to sustain the current price momentum, but the price above $9,000 indicates the bullish bias is intact and the price has a greater chance of pushing higher in the process.
This recent price action has signaled that bears are currently in full control of the cryptocurrency market. Unless bulls gather strength, bitcoin may face an incredibly weak weekly close that spells trouble for the weeks and months ahead. Bitcoin's bearish price action as of late was first sparked by its parabolic ascent towards $11,000 that occurred last weekend. Over the past several weeks, bitcoin has been setting lower highs on a fairly consistent basis. This trend began in late June when the crypto finished its parabolic rise with a sharp movement towards $13,800 which remains the 2019 high.
Recently, the popular cryptocurrency derivatives exchange was revealed to be under investigation by the U.S. Commodity Futures Trading Commission (CFTC). Besides, an equivalent authority in the UK, the Financial Conduct Authority (FCA), purportedly unveiled plans to restrict access to BitMEX's suite of products and similar vehicles. Due to this unfortunate set of news, the Bitcoin platform began to see less volume and capital flight, as investors using the exchange presumably weren't all too pleased with the encroaching regulatory presence.
As of the current scenario, bitcoin is currently on the verge of indecision whereas the bears are the dominant party in the market participants. Though the bullish bias seems still intact as the price remains above $9,000 area, bears are still the stronger party in the market which could even push the price lower towards $8,500 again. A break above $10,000 is required for continuation of the bullish momentum as per the current market sentiment.
TECHNICAL OVERVIEW:
The price found strong support at $9,400 area from where there has been several strong bearish rejections signaling the presence of bulls in the process. Though the price is showing certain bullish intervention evidence, being below $10,000 also indicates the dominance of bears along the way. As the price remains above $9,000 area, the bullish bias is expected to be sustained but a break above $9,600 is required for a further rise towards $10,000 to resume the bullish trend.
TECHNICAL LEVELS:
SUPPORT- 8,500, 8,800, 9,000, 9,400
RESISTANCE- 9,800, 10,000, 10,500, 11,000
BIAS- Bearish
MOMENTUM- Volatile
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