The Bitcoin price is back on the rails after a sudden Sunday drop of 2.5% from $8,435 to $8,226 and is currently fluctuating around the $8,300 level.
Just a couple of hours ago, the Bitcoin price surged 1.4% to go from $8,227 to $8,346, and at press time the uptrend continues. Though the current Bitcoin price is relatively low compared to last week’s peak of $8,715 reached on Oct. 11, it’s still a 4.5% gain for the week, as last Monday saw the Bitcoin price below the $8,000 mark.
What is important is that Bitcoin's current price stays below both 50 DMA (50-Day Moving Average) and 200 DMA. As seen on the TradingView chart below, Bitcoin rose above 200 DMA, but couldn’t stay up and fell back down below $8,500. The chart also suggests that a so-called “death cross” might happen soon, as 200 DMA is likely to cross 50 DMA before the end of the month. A death cross is an indicator of a bear market, and to remain bullish, Bitcoin should retest 200 DMA, which is rapidly rising, and stay above $8,150 level.
Bitcoin market dominance stays at a relatively low level of 66.25% compared to September’s peak of 73%. Back then, Bitcoin dominance exceeded 70% for the first time in the last two years. The overall cryptocurrency market cap is $227B at the time of writing.