Wall Street remained closed on Monday on account of Memorial Day. The closure of stock markets proved to be beneficial for Bitcoin as it gained approximately 2%.
However, that meager gain was all Bitcoin could manage since the previous week. At the moment, BTCUSD is not much volatile. BTC market appears rather indecisive.
Where is Bitcoin headed now?
The Bitcoin Hash Rate has entered a minor capitulation. Declining Hash Rate is not a positive sign, and it could push BTCUSD lower.
However, in the absence of any major changes, BTCUSD is not likely to fall below the $8,200 mark. It can consolidate around the current levels. The recovery from the capitulation phase might take some time. And that could spur BTCUSD to reach newer heights.
BTCUSD technical analysis and possible ramifications
Source: TradingView.com
Here is the BTCUSD daily timeframe price chart. Currently, BTCUSD is finding support at $8,633.81. The increasing trendline is a positive sign for Bitcoin investors.
One essential observation from the daily chart is that BTCUSD is trading above both the 50 and the 200-day moving averages. It indicates that Bitcoin is out of the short term as well as the long term Bear market.
The current trendline can be a reliable trade setup. If BTCUSD falls below the trendline, it will possibly decline further and find support at $8,200. Therefore, falling below the trendline will open up an excellent short-position.
The RSI is currently neutral. The MACD, however, gave a bearish crossover and is falling, thereby increasing the bearish gap.
Bitcoin investors should think long term
The volatility and market manipulation have always existed in BTC. And it will continue to do so. However, it is crucial to understand that BTCUSD is bullish in the long term. BTCUSD can also be used as a hedge against deflation and inflation.
Therefore, those who wish to buy Bitcoin should ignore the minor crests or troughs and think long term investments.
