Bitcoin (BTC), at the time of writing this article, was trading at $8,747.98. Important to note that the coin has been trading above $8,500 for the third day in the row and has an equal effect on the market cap and trading volume as well. In the past 24 hours, BTC price has hit a fresh 30-day high at $8,890 and is expected to surge if it continues to move with the same momentum. The selling pressure seems to have been disappeared as the coin gains support from all the imminent daily moving averages.
Taking a glance at the BTC price movement against the US Dollar, we see that the coin has marked an overall lower high in the bygone year as it had hit $13,000 (marking the highest). As per the current candlestick formation, we see a green candle up straight forming an intraday bullish move. However, if we look at the cumulative move of the coin, it is on a downswing and the major question that lies here is; Is this going to be the end of the Bitcoin Era as the coin slides to the digit from where it started?
Although, this would be too early to conclude about the end as we are rightly aware about the volatility of the king. Aligning the thought with the laid technical indicators, we see that the current price is around 50% Fib Retracement level and is projected to move with moderate volatility as the 20-day Bollinger Band width is seen widening.
We believe the near-term to be bullish as the price of Bitcoin rises above the major resistance of $8,500. If there happens to be a persistent trade, we are likely to have a real short-term Bull trend