Despite Bitcoin Price Surging, Google Search Volume Is Trending Down

During the crypto hype bubble that rocketed Bitcoin and Ethereum into the public eye, making them household names and causing their values to reach all-time highs, the surge in prices was accompanied by a surge in search interest of people scrambling to find out what all the fuss was about, and to learn more about the emerging asset class.

But with this latest rally, many cryptocurrencies are up over 250% in the last 30 days, with even Bitcoin surging to local highs after an extended downtrend may have come to an end. However, unlike previous rallies, the rise in prices isn’t being followed by a rise in Google Search volume. Trading volumes also haven’t seen an uptick, causing many top crypto analysts to question if this recent rally really is a reversal out of the bear market.

Lagging Google Search Volumes Suggests Bitcoin Reversal Won’t Stick

If you’ve at all been following crypto for the last few years, then you no doubt recall the FOMO effect that swept the mainstream public, fueled by a media frenzy and Bitcoin’s meteoric rise to $20,000.

As people first heard of Bitcoin and crypto, the flocked to Google to learn more about the emerging asset class and disruptive financial technologies. Google Search volume for Bitcoin price spiked, reaching an all-time high right alongside the asset’s price in late 2017.

Related Reading | Blind Bitcoin Bias Gives Crypto Technical Analysis a Bad Rap 

However, as search interest and volumes peaked, so did prices, causing the leading cryptocurrency by market cap to fall into a two-year-long bear market and a downtrend that saw losses of as much as 85% at the low. Other crypto assets across the altcoin space, suffered even greater losses of 99% at extremes.

But this week, the crypto market has lit up once again, witnessing gains of a few hundred percent in some cases, reviving memories of the bull run that once was and causing deja vu in those that lived it.

Even though prices are skyrocketing once again, and the crypto community is convinced we’re watching the beginning of a larger trend reversal, Google Search volume has not only not yet started to trend upward, it’s actually trending down, suggesting even fewer people are interested in Bitcoin currently

The same analyst who called attention to Google Search volume also is leery about the entire rally and claims that lesser rallies over the last few months experienced more trading volume, suggesting that this isn’t the reversal the crypto market has been waiting for.

Instead, the respected analyst believes that the current price action is a fractal of previous, smaller ascending wedges that not only had more volume within them but ultimately broke down sending Bitcoin price back down to test lows.

Related Reading | Bulls Beware: Last Bitcoin Downtrend Breakout Led To Bear Market Lows 

Should the latest structure break down from here, the rally would be coming to an abrupt end, and hopes of a reversal could be shattered.

How an Ethereum Offshoot Became a Top 10 Cryptocurrency After an Abrupt 35% Rally

The top ten cryptocurrencies by market cap represent the crème de la crème of the cryptocurrency space, and the altcoins listed alongside Bitcoin and Ethereum there are often considered some of the best and safest investments in the space.

However, one Ethereum offshoot just exploded into the top ten cryptocurrencies by market cap after a sudden, 35% rally, shaking up the crypto market and causing analysts to scratch their heads as to why the sudden surge.

Ethereum Classic Enters the Top Ten Cryptocurrencies In Surprise Rally

Visit CoinMarketCap and look at the historical snapshots of the top ten cryptocurrencies by market cap throughout the years and months of the past, and you’ll see many altcoins popping in and out of that list that you may not recognize.

Related Reading | Ready for Liftoff: Altcoin Market Cap Breaks Out of Downtrend

While the list has been regularly dominated by Ripple, Ethereum, and Litecoin, the rest of the top ten regularly fluctuates, depending on which coin is currently experiencing a lot of hype.

But in the latest case of a new crypto asset entering the top ten and with its entry, pushes out another crypto asset, there doesn’t appear to be any sudden hype or unusual levels of buzz causing the surge.

Ethereum Classic, the OG Ethereum protocol, has surged over 35% on the day, pushing the altcoin into the top ten cryptocurrencies by market cap.

ethereum classic price chart

ETC Rallies Over 250% in Last 30 Days Since Bottom

While it’s certainly notable that the altcoin has enjoyed an over 35% surge on the day, the real story is that Ethereum Classic is up over 250% over the last 30 days, helping propel it into the top ten cryptocurrencies by market cap, and pushing out Tron, Stellar, and Monero.

Ethereum Classic, like many other altcoins and even the total crypto market cap sans Bitcoin, have all broken out from local downtrend resistance, causing widespread FOMO and skyrocketing cryptocurrency prices.

ethereum classic price chart

In just 30 days, the total altcoin market has added over $25 billion in value.

With such massive gains, these assets are bound to correct and correct hard when it happens. Parabolic rallies, as was seen during the crypto hype bubble, often lead to as much as 80% corrections or more. The last major correction wiped out as much as 99% of the value of most altcoins, however, that correction was coming off of multiple thousand percent gains across the board.

Related Reading | Bitcoin Dominance Could Be Poised for Extended Downtrend As Alts Rally 

This latest rally won’t suffer as deep a correction, but a pullback is almost a certainty. As the days go by, the breakout from downtrend resistance is looking more and more like the bear market could be coming to an end for altcoins, which could lead to another alt season where the asset class outperforms Bitcoin by a wide margin.

Altcoin Market Explodes By Over 50% In 30 Days, Is Crypto Due for A Pullback?

This week, the total altcoin market cap broke out from local downtrend resistance, causing many individual crypto assets to go on monstrous rallies, some to as much as 400% gains.

The breakout also caused the total crypto market cap sans Bitcoin to rise from $50 billion to over $77 billion, resulting in 50% growth within a 30 day period. With such astronomical gains, are investors ready to take profits, causing a pullback across the crypto market?

Altcoin Bulls Push Forward to 50% Gains, But Bears Await a Deep Crypto Correction

All this week, altcoins across the top ten cryptocurrencies by market cap and deeper on the list, have been exploding through downtrend resistance and going on massive rallies.

The increased bullishness is on the heels of Bitcoin potentially bottoming this past December once again. On December 17, the leading cryptocurrency by market cap touched a low of $6400 forming the head of a sizable inverse head and shoulders pattern. The pattern later confirmed, and push the price of Bitcoin all the way to $9,000 as the high as of the time of this writing, but the cryptocurrency could push higher given how strong the momentum appears to be.

Related Reading | Ready for Liftoff: Altcoin Market Cap Breaks Out of Downtrend 

Bitcoin‘s bullish momentum also caused surges in Ethereum, Litecoin, Ripple, and many other top cryptocurrencies. Even Bitcoin forks Bitcoin SV, Bitcoin Cash, Gold, and Diamond all went on a tear.

The clean break of downtrend resistance on the total altcoin market cap – a weighted aggregate of all cryptocurrencies sans Bitcoin – has caused the crypto market to catch fire, with dozens of assets going on rallies of 50% of higher.

Even Bitcoin itself rose over 30% in 30 days. However, the altcoin market’s gains were even stronger, given how oversold the alternative crypto assets are after two full years of a bear market.

crypto altcoin market

The total altcoin market cap rose a total of over 55% in 30 days. As the saying goes, what goes up, must come down, and after such a strong, parabolic rise, the market is almost certain to suffer a deep correction that puts over-exuberant investors in check.

A pullback in Bitcoin when it reaches the 200-DMA could be the trigger that kicks off such a selloff, sparking not only Bitcoin to suffer losses, but altcoins across the market as well.

Ethereum, Litecoin, and others have only recently begun to catch up slightly to Bitcoin on their ratios, so the fall in altcoins may not be as deep as what could result in Bitcoin, especially because altcoins have broken out of their downtrend resistance, while many argue that Bitcoin has not.

Related Reading | Even a Billionaire Crypto Investor Doesn’t Understand The Recent Altcoin Rally 

Bias often clouds how trendlines are drawn, so it’s difficult to say who is wrong or right. The only thing for sure is, after 50% gains, it wouldn’t at all be surprising to see a large correction.

 

Bitcoin Short Sellers Are in Big Trouble For This Reason, And Strong Rally is to Ensue

The bitcoin price is up by 10 percent in the past four days and after such a big rally, a short-term pullback follows. But, a top trader says it will take a lot for short sellers to hunt for longs in this environment, which could push BTC for an ever bigger rally.

It will be hard for shorts to hunt longs, maintaining bitcoin momentum

As one well-known trader pointed out, even if an investor longed bitcoin near the top in the $8,900 to $9,000 range, the liquidation price would likely be at around $8,500.

Assuming an investor put in a long at $8,920, at 25x leverage, the price of bitcoin would have to drop to $8,529 to liquidate or come close to liquidating the position.

Short-term price movements are often dictated by a cascade of long or short liquidations on major margin trading platforms like BitMEX.

When a significant amount of shorts start to get liquidated, it leads more shorts to get stopped, causing the bitcoin price to spike. And it is the same for longs to the downside.

As such, when the bitcoin price is in a tight range for an extended period of time, it makes it easier for the price of BTC to massively spike up or down and demonstrate extreme volatility.

However, the 10 percent upsurge of bitcoin in the past four days have moved BTC into a range that is well above major support levels.

At the current price of $8,850, there are likely more underwater shorts over longs, which also make it harder for shorts to try to hunt long stops or liquidations.

bitcoin price

The bitcoin price has rebounded strongly since hitting a bottom at $6,410 (Source: TradingView)

Where are traders looking at as targets?

A prominent cryptocurrency trader known as Flood said that the $9,200 to $9,400 range is a large area of interest.

That means, there is significant historical trading activity in that range and it is likely to command the short-term direction of BTC.

Many technical analysts did expect the bitcoin price to correct upon reaching $8,900, as it has acted as a resistance level since November 2019.

The lack of a strong rejection or a retest of lower support levels at $8,900 surprised some traders, which may indicate that the current upside momentum is strong.

“The pullback I figured would happen happened, it was just way smaller than anticipated. Maybe bears really do need Vegeta ($9000+) to be able to kill overleveraged longs. Maybe they’re not even able to do that. Either way, I remain long,” trader DonAlt said.

CEO: Bitcoin Halving Will Hugely Push The Entire Cryptocurrency Market Upwards

Bitcoin Suisse CEO, Arthur Vayloyan sets out a bullish expectation for cryptocurrency in 2020. And while many investors are feeling a sense of frustration over Bitcoin’s failure to recapture the all-time high, Vayloyan reminds us that many positive developments are occurring in the background, which will likely add to upside pressure. Not forgetting Bitcoin’s halving in May.

Cryptocurrency

In a CNN interview, Vayloyan talks about his expectations for cryptocurrency in the coming year. And he is extremely positive based on the level of development and research that has come to typify this industry.

“People sometimes think when they don’t see stellar price increases etc., that nothing happens. But so many things happen, and we’re going to see them also this year emerging. And with that interest and network expansion will just continue.”

With that, Vayloyan believes this will compound to push cryptocurrency prices upwards. But more so, he also drew attention to the coming Bitcoin halving, which he sees as adding to positive price pressure.

“2020 is one of those years where the halving takes place, roughly mid of May. And when you look back and take history as a little bit of a prediction, or at least an idea of what could happen, it so happens that price movements were actually quite positive in those years. Or in the year that followed.”

Bitcoin Halving

The Bitcoin halving refers to a cut in the network’s issuance rate. This means miners will receive half as much BTC for validating a block than before the event.

As such, the amount of Bitcoin cryptocurrency entering into circulation is reduced. While at the same time, mining costs for securing the network increase. All in all, this acts as an in-built deflationary tool.

There have been two halvings in Bitcoin’s history. In the beginning, miners received 50 BTC for each validated block. The first halving occurred in 2012 when the block reward was reduced to 25 BTC. Followed by the era we are currently in, where the block reward is 12.5 BTC.

Halving schedule for cryptocurrency's number one token, Bitcoin

Reducing supply and issuance per halving (source: medium.com)

Is The Halving Hot Air?

Many analysts agree that the coming halving will trigger a run-up in Bitcoin price, and by extension, as the market mover and most paired token, dragging the rest of the cryptocurrency market upwards with it.

Analyzing previous halvings, Bitcoin advocate, Nunya Bizniz, noted a 50% dip and then a climb upwards during the 120 days (approximately where we are now for the up and coming halving) before the first halving in 2012.

And in respect of the 120 days before the last halving in 2016, there was a stellar 88% upswing, followed by a 30% crash. A recovery further proceeded this, and then another crash after the halving had occurred.

While there is no distinct pattern between the two, past performance does indicate a post halving rise, at the macro level, in both cases. Even as high as 2100% five months following the 2012 halving had occurred.

Having said that, as is often mentioned, past performance should not be taken as an indicator of future performance. And others in the cryptocurrency space see this up and coming halving as a non-event.

Those of this persuasion argue that halvings are anticipated years in advance, therefore miners would have prepared for a drop-in revenue.

And in any case, more fundamental than that, prices rise only on the entry of new buyers. As such, the halving in and of itself is not a driver of attracting new buyers into the space.

Bitcoin Price Could Surge To $50,000 By Mid-2021: Here’s Why

Since Bitcoin (BTC) hit $20,000 for the first time in December 2017, analysts have been wondering when the cryptocurrency will break its next big price milestone next. The closest round-number milestone from $20,000 is arguably $40,000 or $50,000.

While $50,000 is 450% higher than the current price of just shy of $9,000, a model backtested to be quite accurate in the volatile crypto market suggests that Bitcoin will hit this auspicious price point in the middle of 2021. Here’s more on why.

Bitcoin Will Likely Hit $50,000 In 2021, Model Predicts

In Spring of last year, a user on Twitter named PlanB suddenly rose to notoriety within the cryptocurrency space when the analyst, later revealed to be a quant at a European institution, revealed a revolutionary Bitcoin price model.

The model, dubbed the stock-to-flow model, equated Bitcoin’s scarcity, derived from the above-ground supply divided by the rolling issuance of the coin, to the asset’s market cap. It determined, to a 95% R squared, that after the BTC block reward reduction in May 2020, a coin will have a fair value of anywhere between $55,000 to $100,000.

While Bitcoin will seemingly eventually achieve that price point due to the historical accuracy of the model, the model does not predict when the surge will occur.

GeertJancap, a Twitter user interested in disruptive technologies, recently tried to solve this mystery of when should Bitcoin trade at parity with the stock-to-flow model.

He noted in a semi-crypto-viral tweet that per his transfer function model of Bitcoin’s price, BTC’s price will catch up to PlanB’s lofty model a year after the halving in the middle of 2021.

 

Others Want it Sooner

While $50,000 by mid-2021 would already be an astounding achievement for a market as uncertain as Bitcoin, some want this milestone (or at least a price around $50,000) to come even sooner than 18 months from now. Much sooner.

Ex-Goldman Sachs partner Kelvin Koh, who is now a partner at blockchain advisory and investment fund The Spartan Group uses, recently noted on Twitter that he is certain BTC’s recent move from $7,000 to vaguely $9,000 is “just the start” of something much bigger.

Something bigger, he claimed, being his sentiment that this year, the price of BTC will hit $40,000, some 400% higher than current prices. He specifically cited his firm’s belief that there will be a “supply crunch post halving.”

There’s also the chief executive of Nexo, who said that BTC could hit $50,000 by the end of the year, as crazy as this may sound.

Halving Bullish Regardless

Whatever the case, the halving has seemingly been proven to be bullish for BTC in the long term. 

Melik Manukyan, a prominent Bitcoin commentator and engineer, recently posted the Twitter thread below, showing that the scarcity of the leading cryptocurrency should lead to dramatic price appreciation with a multi-month lag following the event.

Featured Image from Shutterstock

Altcoin Season? Crypto Assets Will Surge If They Break Past This Key Level

Since early-2018’s market crash, crypto investors have been waiting for altcoins, digital assets that are not Bitcoin (BTC), to surge higher. Unfortunately for these investors, this hasn’t happened yet, with Bitcoin’s dominance rallied from 33% to a high of 71% last year in 18 months’ time, surging on the deaths of altcoin projects.

But, it appears that a new altcoin season, best known as an “altseason” within the cryptocurrency trading community, is right on the horizon.

Crypto Assets May Soon Surge

Over the past few weeks, an interesting trend has developed in the cryptocurrency market: as Bitcoin has rallied by over 30% from the local bottom of $6,800, altcoins have outpaced the market leader, with some crypto assets gaining over 100% in the same time BTC surged to $9,000.

For instance, Bitcoin Satoshi Vision, on the back of news that self-proclaimed creator of the leading cryptocurrency Craig S. Wright may have access to a large stash of BTC, surged almost 300% higher in a week.

As a result of all this, BTC dominance — the percentage of the cryptocurrency market’s aggregate value made up by the leader — has fallen by 2% to 3% in a short period of time.

But according to Michael Van De Poppe, a trader at the Amsterdam Stock Exchange and noted crypto analyst, altcoins will surge dozens of percent higher if this one key thing happens:

Per his historical analysis of the BTC dominance metric, if this figure manages to fall below 67%, which is possible due to the recent price action and a bearish divergence, there will be dominance collapse to 7%.

Bearish Long-Term Outlook for Alts; Bullish Long-Term Outlook for Bitcoin

Although altcoins may soon see some love in the short term as aforementioned, the long-term outlook for this class of crypto assets seems to be decisively bearish.

Per previous reports from this very outlet, a Reddit user found that by diversifying a $1,000 portfolio into the top 10 crypto assets (Bitcoin, Ethereum, XRP, etc.) at 10% for each coin, his portfolio gained 1.7% in an entire year.

During that same time span, Bitcoin gained 95% in and of itself and traditional asset classes gained dozens of percent and saw near-record gains. The idea here: in the long run, should history repeat itself, BTC is the best long-term crypto-related investment.

Not to mention, analyst Ceteris Paribus recently noted that the launch of the CME’s Bitcoin options could be bearish for altcoins: “If it isn’t obvious, the more we see products like this get offered the more bearish it is for the majority of alts,” they wrote.

And, to put a cherry on top of the Bitcoin primacy cake, Adaptive Capital’s Willy Woo found late last year that only the top 40 crypto assets listed by volume on CoinMarketCap offer investors enough liquidity to be considered “good investments.”

Featured Image from Shutterstock

After 65% Rally, ChainLink Just Surpassed a Major Level For First Time in 3 Months

ChainLink (LINK), the 17th most valuable cryptocurrency in the market, surpassed the $2.8 level for the first time since November 2019 after a  65 percent rally.

With strong partnerships, ChainLink has maintained an active community of users, investors, and developers throughout the past year. It is one of the few cryptocurrencies to be down less than 40 percent from its record high.

Major cryptocurrencies like Ethereum, XRP, and Bitcoin Cash are generally down by 85 to 95 percent from their all-time highs.

Where is ChainLink headed next?

In the short-term, technical analysts anticipate ChainLink to test heavy resistance levels above $2.8, between $2.8 to $3.7.

One trader noted that initial exchange offerings (IEOs) are starting to see some momentum after a slow past six months.

He said:

“A breakout above $2.33, retest & continuation. Approaching the next target at $2.80 for a nice 21% move here. Meanwhile; IEO’s starting to show a slight sign of life as BNB is bouncing upwards as well.”

The overall positive trend of IEOs could act as a catalyst for cryptocurrencies like ChainLink.

chainlink price

ChainLink rises 65% in the past two weeks (Source: TradingView)

Big volatility expected

On January 16, NewsBTC reported that Binance Futures integrated ChainLink. It now allows users to trade the cryptocurrency with up to 75x leverage.

Often, when a major futures trading platform integrates a cryptocurrency, it tends to see significant volatility.

XRP and ETC, for instance, saw significant short-term price movements almost immediately after Binance Futures integrated the two assets.

If ChainLink cleanly breaks above $2.8, which has acted as a heavy resistance level throughout the past year, the expected volatility could play into the favor of the asset.

On the side of fundamentals, the infrastructure of ChainLink is being used by conglomerates like Google. 

On June 14, 2019, the Google Cloud team released a detailed blog post on using the BigQuery ChainLink Oracle, officially mentioning a blockchain project for the first time in the context of cloud.

At the time, Sergey Nazarov confirmed it is working with Google to as an on-chain data provider to assist in the usage of blockchain technology.

In the short-term, however, technicals such as the clean break of resistance above $2.8 and the overall improvement in the sentiment around the crypto market are likely to be the biggest factors for the upside potential of ChainLink.

Traders target $9,400 for bitcoin

Throughout the past two weeks, bitcoin and the altcoin market have risen in tandem. It indicates that the upsurge is more than just a short squeeze.

After the bitcoin price hit $9,000 across major platforms like Binance, traders are targeting $9,400 at the least, and $12,000 as a macro target.

A strong break above $9,000 by bitcoin would further provide strength to the altcoin market.

Bitcoin Just Surpassed $9,000: It Means a Full-Blown Crypto Rally is Just Beginning

After two days of crypto market consolidation in the high-$8,000s, Bitcoin (BTC) just broke 3% higher from the $8,700 range equilibrium to tap the key $9,000 psychological and technical resistance on Binance and other top exchanges for the first time in just over two months.

Since hitting $9,000, the crypto asset has paused, retracing to $8,950 as of the time of writing this as Bitcoin seemingly encountered vast selling pressure at $9,000.

While the cryptocurrency has yet to make a daily price close above they key $9,000 level, analysts say that it sets a positive precedent for this market’s trend. In fact, a prominent trader says that a 30% rally to $11,500 might just be next.

This should lead to equally as bullish price action for other crypto assets, including Ethereum, XRP, and the rest of the nine yards, so to speak.

Crypto Indicators Flip Bullish Across the Board

Indicators all over the crypto market have recently flipped bullish, implying another leg higher is imminent.

Adaptive Capital’s Murad Mahmudov, formerly of Goldman Sachs, recently wrote on Twitter that “bears are deluded at best, dishonest at worst,” drawing attention to the below chart which shows that BTC has crossed above a number of key moving averages. These are including but not limited to the 128-day simple moving average (SMA), 200-day exponential moving average (EMA), 50-week SMA, and 100-week SMA.

This chart indicates the momentum in the cryptocurrency market is almost entirely bullish. Should BTC reclaim the 200-day SMA as shown on his chart, a full-blown rally could be had, for BTC trending above all these levels is a rare and auspicious occurence.

That’s far from the only reason analysts are saying this move is indicative of an impending crypto bull market.

The Lucid Stop and Reversal indicator, which “signals a stop and an entry in the opposite direction” when it reverses, just printed an extremely bullish signal; the indicator printed its first buy signal since March 2019, which was prior to a 330% rally that brought BTC above $10,000 and crypto assets dozens of percent higher.

Fundamentals Equally as Strong

This latest surge higher comes hot on the heels of a report from Glassnode, a crypto and blockchain analytics firm, that the BTC network’s mean hash rate (per a one-day rolling moving average) has just reached a 1-year high of 125 exahashes.

While there isn’t an instant correlation between Bitcoin’s hash rate and prices, the fact that miners continue to siphon resources into mining crypto assets bodes well for the long-term trend of this space.

Featured Image from Shutterstock

Sorry Bears, Bitcoin Won’t Go Down Quietly And Here’s Why It Could Rally

Bitcoin corrected lower below $8,700, but it found a strong support above $8,500 against the US Dollar. BTC price is currently rising and it could rally if it clears the $8,840-$8,900 resistance area.

  • Bitcoin price might not go down quietly and it could rally above $8,800 against the US Dollar.
  • The double top pattern is still valid unless the bulls clear the $8,900 resistance.
  • There is a new breakout pattern forming with resistance near $8,825 on the hourly chart of the BTC/USD pair (data feed from Kraken).
  • The main supports on the downside are near $8,580 and $8,500.

Bitcoin Bears Struggle To Gain Traction

Yesterday, we saw a downside correction in bitcoin after it was rejected near the $8,900 resistance against the US Dollar. BTC price declined below the $8,700 support level, but the bulls defended the $8,540 and $8,500 levels.

The bears made many attempts to break the neckline support of the double top pattern at $8,540, but they failed. As a result, the price started a decent increase and traded above the $8,700 resistance.

Moreover, bitcoin climbed above the 50% Fib retracement level of the recent decline from the $8,866 high to $8,578 low. It is now approaching the $8,800 and $8,820 resistance levels.

The 76.4% Fib retracement level of the recent decline from the $8,866 high to $8,578 low is also near $8,800. More importantly, there is a new breakout pattern forming with resistance near $8,825 on the hourly chart of the BTC/USD pair.

Bitcoin price

Bitcoin price

If the bulls manage to push the price above the triangle resistance and $8,840, there are high chances of more upsides above the $8,900 resistance. In the mentioned case, the double top pattern is likely to invalidate and the price might rally above $9,000 in the near term.

What If BTC Stays Below $8,900

If BTC price fails to climb above the triangle resistance and $8,840, it is likely to move down. The first key support is near the triangle at $8,640.

If there is a downside break, the bears may perhaps aim a clear break below the key $8,540 and $8,500 support levels. If they succeed, the price is likely to decline towards $8,200.

Overall, bitcoin bulls are giving a tough fight and it seems like a breakdown below the $8,540 and $8,500 support levels won’t be easy.

Technical indicators:

Hourly MACD – The MACD is now gaining momentum in the bullish zone.

Hourly RSI (Relative Strength Index) – The RSI for BTC/USD is back above the 50 level.

Major Support Levels – $8,640 followed by $8,540.

Major Resistance Levels – $8,825, $8,840 and $8,900.