Bitcoin (BTC) Hovers Below $80K Amid Mixed Technical Signals
- Bitcoin (BTC) gained 3.35% in 24 hours, now trading at $79,868.38.
- Its market cap reached $1.58 trillion, dominating the $2.53T global crypto market.
Bitcoin climbed 3.35% in the last 24 hours, now trading at $79,868.38. Its market capitalization surged to $1.58 trillion, tracking the wider crypto markets 3.38% daily rise. Meanwhile, Bitcoins share of the total $2.53 trillion crypto market cap remains dominant.
However, trading volume slid 6.75% to $67.22 billion, suggesting less momentum despite the price recovery. With a fully diluted valuation of $1.67 trillion and a 4.23% volume-to-market cap ratio, BTC shows strong valuation but mixed short-term liquidity.
The total circulating supply holds at 19.84 million BTC, close to the maximum cap of 21 million. Supply pressure remains low, which historically favors bullish price action. Yet, the falling 24-hour volume may limit immediate upside moves.
Price recently rebounded from lows near $75,000, now holding just under $80,000. If resistance at $80,800 breaks, BTC could push toward $82,500. Conversely, if it fails to hold $78,000, a slide toward $76,500 may follow.
Can BTC Sustain its Momentum?
Technical indicators present a mixed setup. The Relative Strength Index (RSI) reads 37.52, while its moving average stands at 46.10. This reveals bearish momentum, although the gap between the two has narrowed.
If the RSI crosses above its average, it may signal an incoming short-term recovery. Still, current levels show that BTC is below the neutral 50 zone, pointing to mild oversold conditions. The Chaikin Money Flow (CMF) index remains negative at -0.19, suggesting capital outflows continue.
This confirms that buyer conviction is still weak despite the price rebound. Until CMF shifts above zero, bulls may struggle to regain full control. The Moving Average trend supports this caution. The short-term moving average remains under the longer-term trend line, with no bullish crossover yet. If that crossover emerges, momentum could accelerate upward.
Price action remains compressed within a narrow channel. Support stands near $75,600. Resistance is tight near $80,800. A clear breakout in either direction will dictate the next significant move.
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Read more: https://thenewscrypto.com/bitcoin-btc-hovers-below-80k-amid-mixed-technical-signals/
Text source: TheNewsCrypto – Blockchain & Cryptocurrency News M
