Bitcoin price failed to maintain the $9,000 price level for the past two days, now trading at around $8,590 as of 12:30 PM EST. For the moment, BTC investors should not expect a major bullish run anytime soon as the market is still feeling the turbulent effects of possible regulatory concerns, as well as the potential global trade war launched by U.S. President Donald Trump.
Another Bullish Run On The Cards?
Earlier in the day, BTC/USD reached a high of $8,720 before heading back down to the $8,500 mark. It’s currently on a bullish run after testing a major support of $8,300. A major resistance level has been set at $8,700. However, in the short term, a run up toward $9,000 or any sharp price jump seems unlikely. BTC is still trading above its 20-day moving average, so there’s still a weakness.
As for the technicals, both the MACD and RSI indicators are showing bearish signals. This means the current bull run is likely to fade in the coming hours.
Looking at the Technical Indicators:
- Hourly MACD — Bearish signal
- Hourly RSI — BTC/USD is in a bearish zone
- Major Support Level — $8,300
- Major Resistance Level — $8,700
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