27.05.2020 BTC Daily Analysis

27.05.2020 BTC Daily Analysis

Bitcoin price remained well bid above the $8,680 support and recently corrected higher against the US Dollar. BTC price climbed above the $8,800 resistance level, but it stayed well below the 100 hourly simple moving average. The upward move was capped by the $9,000 resistance zone. It seems like the price failed to surpass the 50% Fib retracement level of the key decline from the $9,305 swing high to $8,645 swing low. Otto is the founder of BitcoinBCH.com, and he argues that there is a direct correlation between Bitcoin congestion resulting in the higher fees we’ve seen recently, and users moving to compete cryptocurrencies. According to him, “this results in BTC’s market dominance declining while that of competing cryptos explodes.”