There seems to be signs of recovery in the market after a great slump which started during the weekend and ended yesterday. Although Bitcoin did not earlier display significant rise in the market but quite a number of altcoins performed very well with green color.
However, Bitcoin is trying to gear up along the upside trend, adding 2.30% to its value in the last 24 hours to be priced around $8,000 with a market cap of $142 Billion. The general crypto market has also surged, especially during the last 14 hours where it picked up a great momentum.
At the moment, the total market cap of all cryptocurrencies is close to $256 Billion after a low value of $242 Billion at the closing hour of the North American trading session.
Owing to the slight favorable look in the market, an analyst predicted that Bitcoin will undoubtedly make it forward.
Fib Level Finds Strong Support around $7,500
An analyst by name FiboSwanny on TradingView said Bitcoin, in the present market trend, has found a support level it won’t exceed downward.
FiboSwanny said the Fib level has found a key support for Bitcoin, meaning a path below the support down cannot be attained.
The analyst asserted after Bitcoin tested the $9k high resistance level, it plummeted, but found a support at the 61.8% Fibonacci retracement level around $7500.
Another point mentioned by the analyst on TradingView is that even though the directional index lines did cross, it is not on the falling momentum.
The slight regress in the market only represents a bearish correction before another spike in the general bullish market. The support on the chart is holding firm and we are yet to exceed it.
We have witnessed a slight bounce back along the recovery lane, and more is on the way.
Bitcoin Price: RSI Still Within the Bullish Zone
Based on the closing price of Bitcoin in the recent market, FiboSwanny, in his analytical chart inferred that the Relative strength index (RSI) of Bitcoin which represents its current and historical strength is in the bullish zone.
Despite the plummet which the RSI witnessed, the analyst said it is still within the bullish district, and we are bound to go bullish soon.
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