Over the weekend, the price of Bitcoin (BTC) fell below $ 9,000 for the second time in 7 days, but the weekly close was relatively uneventful. As covered by Cointelegraph, Buyers quickly stepped in to buy at the $ 8,800 support on June 27, and at the time of this edition the price is reaching USD 9,100.
Crypto market weekly price chart. Source: Coin360
Although Bitcoin can reach $ 9,200, Top-ranked digital asset on CoinMarketCap remains frozen below 20-MA at $ 9,385 and a high volume node in the VPVR suggests that the area will be a challenge to overcome in the short term.
Over the past week, Bitcoin’s momentum had slowed as trading volume has shrunk. Despite the sideways price action, traders have consistently bought in recent declines below $ 9,000, and the uptrend remains intact as long as the price remains above $ 8,600.
BTC USDT daily chart. Source: TradingView
A possible positive to highlight is that during the weekend the 100-MA reached above the 200-MA in the daily time frame, but ultimately risk averse traders will be better off waiting for a daily close above 20-MA in the $ 9,400-9,500 zone.
Bitcoin daily price chart. Source: Coin360
As Bitcoin’s price consolidates in what appears to be a tightening range, a series of altcoins capitalized on the side action, posting moderate gains.. Chainlink (LINK) was up 3.58%, Compound added 4.36% (COMP), and DigiByte (DGB) was up 10.63%.
According to CoinMarketCap, Cryptocurrency market capitalization stands at $ 258.9 billion currently, and Bitcoin’s dominance rate is 64.9%.
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