submitted by MaynulHoqueMH to Bitcoin [link] [comments]
In the last few weeks since mid-June, the BTC price has only ranged between USD 9,000 and USD 9,600, showing very low volatility that has not been seen since November 2018.submitted by jakkkmotivator to thecryptobasic [link] [comments]
But yesterday's turn came: the magic barrier to a five-digit Bitcoin price of USD 10,000 was finally broken again.
This movement was preceded by a pump by several percents within a few minutes.
Bitcoin Price fireworks on SundayThe Bitcoin rate seems to have finally passed its weeks of consolidation yesterday and has regained its well-known volatility.
The reason for this is the short-term breaking of the magic five-digit limit at $ 10,000, which has often served as resistance in the past and is psychologically important.
The Bitcoin price jumped from $ 9,800 to over $ 10,150 in less than 20 minutes.
The bad news is that this movement of over 3.5% within a few minutes was unfortunately not very sustainable, as is so often the case with pumps.
A short time later, the BTC price again slipped below the five-digit limit, but at around USD 9,940 it was still a good deal higher than before the pump at the time of writing and continues to scratch at USD 10,000.
The entire $ 10,000 move was not entirely unexpected. Since testing the resistance at $ 9,000 on July 16, the Bitcoin price has been in a steady upward trend with higher lows set every few days. Smaller pumps were already available on July 21 and 22.
Beginning of the bull run or short-term correction?The question is now whether the Bitcoin course can keep this multi-day upward trend or even continue.
Due to the halving in May and the macroeconomic developments in the wake of the corona crisis, many BTC fans have been waiting for a bullring.
The hope, of course, is great that the wait will end. Unfortunately, not all experts agree that from now on the Bitcoin price will mainly go uphill.
In a new Twitter thread, crypto strategist "Dave the Wave" tells his 33,000 followers that he believes the Bitcoin course will eventually break out of its current reach and start a new bull run, but he expects that BTC will go through a significant correction first.
Based on the pseudonymous trader's chart, the Bitcoin price can drop to $ 6,900 before BTC recovers and breaks the diagonal resistance of the multi-year triangle.
He says his short-term bearish view will be weakened if the bulls get the cryptocurrency over $ 10,600.
A chance to get started?It remains to be seen whether Dave The Wave will be right with his forecast that there will be a short-term correction in the Bitcoin price.
Nevertheless, the long-term assessment of the trader remains very optimistic. In a few other posts, Dave predicted a BTC price of $ 100,000 by the end of 2022.
|submitted by jakkkmotivator to cryptocurrency12 [link] [comments]|
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