Earlier this week, Bitcoin (available on Coinbase) price fell below the pivotal $8,000 mark in light of Twitter’s decision to ban all ads related to initial coin offerings, token sales, exchanges, and wallet services. However, its price began to fall even before the Twitter announcement, so the price decline could also be attributed to continued weakness in the cryptocurrency market. Toward the end of last week, BTC already fell below the $8,500 price level.

Another major development in the Bitcoin (available on Coinbase) market today came from Cboe Global Markets, which was the first to launch Bitcoin (available on Coinbase) futures, as it sent a letter to the Securities and Exchange Commission to allow the launch of Bitcoin (available on Coinbase) ETFs. In January, the SEC already pushed back several applications for Bitcoin (available on Coinbase)-related ETFs, citing the price volatility and liquidity issues that are yet to be solved by these funds.

BTC/USD Testing Resistance At $8,200?

On Tuesday morning, BTC/USD returned back to $8,000 once again, trading at $8,090 as of 12:20 PM EST. On its way back to $8,000, a major support of $7,850 was established, and the coin is still heading on a bull run, now testing a major resistance of $8,200. The moving averages also indicate that we may see a slight bump in Bitcoin (available on Coinbase) price later in the day.

Source: Tradingview

The MACD line correctly predicted the surge above $8,000 earlier, but the bull signal has now subsided, though trading volume has not. On the other hand, there is still strength in this bull run as shown by the RSI indicator, which sits below a score of 50 at the moment.

Looking at the Technical Indicators:

Hourly MACD — Weak bullish signal
Hourly RSI — BTC/USD is still in a bullish zone
Major Support Level — $7,850
Major Resistance Level — $8,200

Featured Image: twitter

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