Bitcoin (BTC/USD) hovering within a strong demand area

Bitcoin (BTC/USD) hovering within a strong demand area

During the session on Wednesday, we could witness a slight recovery in the price of Bitcoin, which has found support at the 8916 level, where the Fibonacci zone is at 78.6%. This has allowed the bears to take a break from the selling pressure they have exercised since the session on May 5 and this move helps erase oversold levels.

In the latest news around crypto space, an SEC commissioner has warned about the risk involved by blockchain sandboxes for investors. In addition, a former adviser to the Trump administration and former Goldman Sachs COO has expressed himself as a bitcoin skeptic, although he notes that he sees promising things in blockchain technology.

The price action is consolidating below the 200-hour moving average and there are no clear signs in the short term about which path Bitcoin is going to take. Meanwhile, the Parabolic SAR is pointing to the upside, thus supporting the overall structure of the BTC. The RSI indicator remains in positive territory and the MACD is entering the buying zone.

What do we expect?

According to our forecasts in the short-term, Bitcoin aims to remain in a bearish consolidation, bearing in mind that the key support level of 8729 could be touched in the coming hours. However, we have a projection that the cryptocurrency rallies and will seek the Fibonacci level of -23.6% in 10114. On the downside, if the BTC breaks below 8729, the spotlights would be set at the 8000 level.

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