The price of Bitcoin has dropped by 4.44% over the previous week, and it is now worth $18,992.77 after rising by 0.02% over the past hour. Bitcoin saw a severe bear market in the latter part of August as the bears seized power. The bears were driving prices below $19003.72 in the first week of September due to the bulls and bears’ fierce competition.
The price quickly rose above $19003.72 as the bulls entered the market, breaking the moving average at $20193.81 along the way, and eventually rising past $2200.00. A bullish signal was indicated by the MACD rising above the signal line. Unfortunately, the bears took gained control and the prices swept below the moving average of 20067.36 and finally dropped below $19003.72.
Prices held steady at the $19003.72 level for a while before slipping below it as the bearish bullish competition persisted. The chart clearly shows the selling pressure. Prices ultimately soared over $19003.72 before plummeting back to the same level where the bears are still in control. There is very little volatility as the MACD and the signal line have started to move in tandem.
According to the daily chart, the breakout of a symmetrical triangular pattern is imminent for the BTC price. The perspective direction remains misty, therefore traders must wait for a natural breakthrough above or below the pattern.
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