Bitcoin bulls have once again failed to stabilize the coin above the $8,000 line, and we are unable to tell whether that is even going to happen in the near future.
Though Bitcoin’s price recently started a decent recovery, the bulls are still struggling to maintain a positive number.
For another week in a row, the price of the world’s most dominant cryptocurrency is below the $8,000 mark again, aiming but not reaching higher levels of resistance and support.
Due to being exposed to this risk of further weaknesses, just as we mentioned last week, the coin is now dangerously buoyant and unpredictable.
The failure to break above the line and settle in a region that is considered reliable signals that such price level will remain, at least in the near term.
However, just because the bulls were not able to bring the coin at a higher position does not mean they did not try hard enough.
In fact, in intraday timeframes, the bullish move in a tight range shows the bulls’ repeated attempts to help Bitcoin reach a higher area.
Despite the ongoing fight for control between the bears and the bulls, the experts foresee a breakthrough in the future.
And regardless of the price being so uncertain, many people believe the strength of the bulls is undeniable.
With this gained traction, Bitcoin is likely to break above the $8,000 line again.
Seemingly insignificant, Bitcoin’s dominance has further decreased this time to 55.4 percent.
The cryptocurrency, however, remains positioned in the first place. In the past seven days, Bitcoin’s market cap reached $142 billion, while the total market cap reached $256 billion.
As we can see, the numbers are getting higher, which is another bullish sign that Bitcoin has some strong chances of climbing to more favorable ranges after all.
Bitcoin Price: Weekly Chart
The volatility that we discussed can be seen when looking at Bitcoin’s price weekly chart.
According to the graph, we can see the bulls struggling to find a balance and continue an upward trend.
Whenever they attempted and climbed the coin to a higher position, they soon enough failed, which caused the price to drop.
This is a repeated pattern throughout the past week, as the bulls did manage to bring Bitcoin’s price to a certain encouraging level several times, but the price kept going down in every instance.
Even though there are many more price fluctuations this week, the chart from our last Bitcoin price analysis and this week’s chart both look very similar.
The movements displayed on the graphs may not be identical, but both show the weeks-long struggle between the bulls and the bears.
Starting from where we left off, on June 5, Bitcoin’s price was found at $7,834 against the U.S. dollar.
During the same day, the price started dropping and tested a strong support level that was positioned at $7,600.
Then, the coin settled at $7,686 before gaining traction again.
On Thursday, June 6, not much changed as continuous struggle can be seen from the chart itself.
The bulls tried to stabilize the coin but unfortunately were not able to do so.
After the touchdown of the strong support level the previous day, Bitcoin breached that support during Thursday and went below it.
At that time, the price of Bitcoin was $7,571 against the U.S. dollar.
Due to this, strong support levels started to form at much lower levels, finding the strongest one at the $7,000 line.
This price made the lowest point of last week.
But after this fall, the bulls gained traction and started pushing Bitcoin upward, finally making some progress.
The bulls got their strength back just as the weekend was approaching.
As we know, the weekends used to be a very good time for cryptocurrencies, but this scenario seems to have shifted as the market grows even more unpredictable.
Back in May 2019, Bitcoin surged on the weekends, hosting a huge amount of bullish action.
But there is no promise this trend will continue.
Fortunately, Bitcoin had an advantageous weekend for yet another week.
The bulls were in control and did not let the price descend.
On Friday, June 7, Bitcoin finally broke above the $8,000 line again, which marked a big victory for the bulls.
On the same day, the price of Bitcoin could be found at $8,119 against the U.S. dollar, and this price marked the highest point of last week.
Following this success, the price of Bitcoin endured turbulences again and slowly started its way downward.
The descending trend continued even though the bulls kept fighting to find a favorable balance along the way.
Major fluctuations occurred on Saturday, June 8, which led the price to fall and find support at the $7,600 area yet another time.
By the end of the weekend, on Sunday, June 9, Bitcoin’s price dropped to $7,666 against the U.S. dollar.
This only goes to show how rapidly things change in the world of cryptocurrencies, as the bulls succeeded to reach their peak and again fall below a significant line in just two days.
As the new week began, on Monday, June 10, the bulls continued to bounce between familiar levels of support and resistance, getting their strength back and pushing Bitcoin to higher areas again.
From the $7,600 level, the bulls were able to bring the coin close to the momentous $8,000 mark without crossing over it.
From that point on, Bitcoin traded in the range between $7,900 and $7,800, showing some major bearish signs.
At the time of writing, the price of Bitcoin is still positioned very close to the $8,000 mark, at an exact price of $7,943 against the U.S. dollar.
Such a spot does not indicate any stability or certainty, as we are all eager to see whether the coin will move back in a bearish zone or break above the line again.
Bitcoin Price: Daily Chart
Similar to the weekly price chart, the daily chart also shows the degree of volatility Bitcoin faced in the past week.
We already mentioned how much the bulls struggled to overpower the bears, so we expected to see much turbulence on the graph as well.
Due to the many major breakdowns over the past seven days, we are likely to see Bitcoin re-testing the $7,600 support or even lower—the $7,500 support level—again.
In the past week, the volume of buyers is significantly lower than the volume of sellers, which makes the trading volume relatively low.
Such a scheme might be a result of the fortunate weekend.
When it comes to the daily relative strength index, not much has changed.
Same as with our previous analysis, the RSI still indicates difficulty with staying above the level of 50.
On the daily chart, the Stochastic RSI oscillator is in its oversold area. By holding the current area of support, this can potentially fire up bullish momentum.
As of now, even though Bitcoin faces a mid-term ascending trend line, anything can happen.
Bitcoin Price: 4-Hour Chart
Expectedly, the hourly chart of Bitcoin’s price is not much different from the daily and weekly chart.
All of the graphs display major fluctuations, causing the coin to be very unstable and uncertain.
Thus, the BTC/USD pair is not an exception. Currently, the price is under huge pressure, facing a risk of more losses below the strong support of $7,800.
However, the hourly chart displays some positive signs as the BTC/USD pair broke the 100 hourly simple moving average.
As a result, the price of Bitcoin is trading above the 100 hourly SMA and near the resistance of $7,940. A key breakout pattern is forming.
Unfortunately, after crossing into the bullish zone last week, the hourly MACD is one of the negative technical indicators of this week as it is slowly losing its momentum in the bullish zone.
The hourly RSI for the BTC/USD pair is near the 50 level, but still below it. Same as last week, the index is moving higher.
At this moment, the major support lies at $7,800. Further below lies $7,700, $7,600 and the strong support area of $7,500.
From the bullish side, the nearest resistance level is around the $8,000 area.
If a bullish breakout did occur, the next major resistance lies at $8,200, $8,400, $8,500 and $8,800.
Further above, there is a resistance level close to the 2019 high—at the $9,000 line.
While the bulls are trying to make their way back above the critical level of $8,000, we remain optimistic that the coin will perform well in the days to come and will put an end to retesting levels that are already familiar.