Daily Market Analysis - BTC

The market cap is down to 276.46B. Dominance is down to 65.87%. The price of Bitcoin is at 10,200.

Price action dipped as low as 9900 under short-term selling pressure. However, there has been buying on all the way down as can be seen by the wicks on every daily candle.

The price range is also tightening between the short-term resistance trendline and the long term support trendline.

The lack of any volume in either direction suggests the ranging could continue until the price is able to break outside of one of the two established trendlines

Bearish: Volume declines caused by lacking price action causing a slow decay in price action that pushes the price down to 9,400 - 9,700 until buying pressure kick in.

Bullish: The short-term buying pressure clears the majority of sell orders on the order books allowing the price action to break above resistance and the price moves up to 10,500 - 11,000

Bullish 55% / Bearish 45%