Bitcoin Shows of Signs Life With Market Still Boring

The premier cryptocurrency may still be struggling to shed all of its bearish pressure with the coin down 0.06 percent October 22. This shows that there is still a long way to go with Bitcoin trading at $8,247 at 9.24 UTC.

Bitcoin had traded above $8,300 on Sunday as seen on Bitsmap but the tempo could not be sustained as the bearish pressure has remained the strongest that the market has seen in 8 months.

Interestingly, the low of $7,800 seen on Friday saw a quick recovery above $8,000 over the weekend showing that there are many investors willing to defend the price of Bitcoin above $8000.

This is the fifth time that the coin has rebounded from such low which may be an indication that sellers have exhausted their unwillingness to short at that price. It is left to see what the impact of the bulls would be in the next few days. RSI and other indicators are showing bullish leanings too.

Despite the positive sentiments, the market still has high uncertainties, especially with bearish news related to TON and Libra. This shows that it is not yet time to celebrate a full recovery.

even though the market did not align to these news, we are keeping tab on the trend in the next few days. A trend analysis from Trading View is instructive:

“The price stays in the borders of the descending price channel , and even the market will move upward, for becoming bullish it will need to break the price channel and move above the key resistance levels like 9000.00 and 10 000. Without it, I still think the bottom at 6000.00 key support will be reached. It is just the question of time.”

Author: Jofor Humani

Jofor is a crypto journalist with passion for investigative reviews.

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