The price of Bitcoin is wobbling within a tight range, pointing to $8,500

 

The price of Bitcoin (BTC), the best valued crypt currency by market capitalization, has experienced a peak of $10,500 before halving on May 11. However, the price of Bitcoin has had problems since then and is currently showing more signs of weakness.

On the other hand, altcoins have started to show signs of life with the BTC market dominance index falling from 67% to 65% after halving. Is the momentum towards altcoins changing from Bitcoin now that the most anticipated event is behind us?

Bitcoin price remains within a wide range as volatility drops

The price of Bitcoin is stuck within a wide range as the following graph shows. The area of resistance in the red zone is between $9,800 and $10,100. At the same time, the price is finding support in the $8,250-8,500 zone.

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compared to gold
In addition, BTC is moving above the 100 and 200 day moving averages (MA), a bullish signal for the markets.

As the hype slowly fades and the market returns to its daily rhythm, the price of Bitcoin also stabilizes. Is that unusual?

No, that’s normal. The halving was such a big event for Bitcoin that the social media hype can create unsustainable price hikes and falls around the event.

The previous halving shows a similar structure. The Bitcoin price moved significantly in the run-up to the event, then there was a pre-halving drop and a new range was established. Throughout the month, the Bitcoin price consolidated within a range.

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Subsequently, there was a further decline and the market continued its upward momentum while maintaining the 200-day MA as support until the December 2017 high.

Bitcoin fails to break the $10,000 and falls from the rising wedge

As the 4-hour chart shows, the price of Bitcoin lost its upward sloping wedge structure and broke. In other words, another failure that breaks the psychological barrier of $10,000.

Along with the fall, the price lost support at $9,300. Recent moves have also confirmed this level as resistance as well. However, support was found at $8,900 as shown on the chart.

What’s next? Is the upward momentum over? Or is the market simply returning to normal with alternative currencies gaining more attention?