Why can the price of Bitcoin reach to $9K around 17 days before the halving event?
The price of Bitcoin is now having a resistance of around $7,800 in 17 days before the event of
halving. Price is now remaining in between $6600 and $7200 for the beginning weeks, but then
the breakout happened which raised 10% and reached up to $7750.
Bitcoin is not only the cryptocurrency which is displaying the strength as the altcoins are suiting
with the Cardano which raised by 22% and Ethereum with 16%.
Then what can be predicted as per the markets within two weeks prior to the halving event for
bitcoin?
Bitcoin breaks the resistance of $7.2K and goes to $7.8K!
The price of the Bitcoin was between $6,800 and $7300 which made the prediction impossible to
which direction it will turn out. The perfect answer was given after the breakout which reached
above $7300 – resistance area.
The bitcoin price was earlier $6800 which then pushed towards another resistance zone at around
$7700 – $7800. Now the new range is introduced for the cryptocurrency Bitcoin. Resistance zone
is found around $7700 – $7800 whereas the support is in the range of $7,275 and $7,350. As the
bitcoin price rises above the level of support where the pressure and momentum rise particularly
when going near the halving event.
The gap of CME is for grabbing still at $9000!
The chart of BTC from the CME if offering the data with respect gaps. These gaps are developed
on the weekend as the futures of CME are not available on the weekends that are Saturdays and
Sundays. Gaps are utilized as the narrative for the trading by traders that go up for the current
market. There is a large gap between $8,280 and $9,055 which will reach at one point. With the
current gap, many gaps are seen going upwards as there are others at around $10,100 and
$11,675.
Reclaiming the support for 100 week MA weekly!
The chart of bitcoin weekly is displaying the breakthrough within 100 weeks MA. It may give
the power to the market in the closing above 100 week MA. Momentum must be warranted
upwards if the level of resistance horizontally at around $7,700 is broken. And it will continue to
the $9000 when the $7700 breaks.
The market capitalization goes to $150 billion support and reaches another level!
The summing up of the market capitalization cryptocurrency has a perfect view where the $190
billion levels are for the support and it is important for the upwards momentum. The overall
capitalization of the market is showing another level of resistance at $220 billion.
Bitcoin key levels of support?
As per the reports, the support level holds $202 – $207 billion as it is the level of resistance that
is held by market capitalization. Once the market cap goes below this level which goes down at
$175 billion back on the table.
The halving event is also becoming more necessary and this narrative event makes FOMO and it
produce more pressure. In simple words, the rally happening in the event with the selloff must
not be unexpected after the event. The price of the bitcoin will be changing around the range of
the bullish case for some time before going to other levels. (Bullish case means the level of
support holds $7300).
