Bitcoin Could See an Accelerated Decline to $9,500 if It Breaks One Key Level

Bitcoin Could See an Accelerated Decline to $9,500 if It Breaks One Key Level
фото показано с : bitcoinist.com

2020-9-30 21:00

Bitcoin’s price has been largely stagnant over the past couple of days, with its recent uptrend stopping short of leading the cryptocurrency up to highs of $11,000 BTC has been able to maintain the bulk of its recent gains despite the selloff seen yesterday afternoon This selloff caused it to wick as low as $10,500 on some exchanges, but the decline was fleeting and followed by a strong rebound Although Bitcoin has been consolidating ever since, one analyst believes that this is the calm before the storm He is setting his sights on a move down towards $9,500 in the near-term, which would mark one of the lowest prices it has seen in many months

Bitcoin and the entire cryptocurrency market have been struggling to maintain their upwards momentum, which is likely due to the strong resistance that BTC is facing around $11,000.

The strength of the resistance that sits at this price level has been intense and may continue stopping the crypto from seeing further upwards momentum in the near-term.

That being said, each attempt by bears to revert the strength recently expressed by the crypto has been futile, as it has remained fairly stable within the upper-$10,000 region.

One analyst does believe that a bigger decline could be imminent.

He notes that a break below $10,500 will be enough to cause it to see an accelerated decline down to lows of $9,500.

Bitcoin Stable Above $10,700 Despite Heightened Selling Pressure 

At the time of writing, Bitcoin is trading up marginally at its current price of $10,760. This is around the price at which it has been trading at throughout the past few days.

Yesterday, bears attempted to invalidate its stability, but the move lower ended up being fleeting.

The entire crypto market is currently flat or trending lower as analysts watch to see where BTC trends next, as it will likely determine the fate of altcoins.

Trader: BTC Could See a Rapid Decline to $9,500 if It Breaks One Key Level

While speaking about the cryptocurrency’s near-term outlook, one trader noted that its trend all depends on the support that has been built around $10,500.

He believes a decline below here could lead Bitcoin straight down towards $9,500.

“BTC: Highs swept into daily supply, clean unswept lows right above demand. 10500’s will be key imo, lose that and I think we accelerate quickly towards 9.5k. Invalidation of my bearish bias on a break above 11.1k.”

Image Courtesy of George. Chart via TradingView.

The coming few days will likely provide investors with greater insights into where Bitcoin and the aggregated market may trend next.

Featured image from Unsplash. Charts from TradingView.

Similar to Notcoin - Blum - Airdrops In 2024

origin »

Bitcoin (BTC) на Currencies.ru

$ 70362.28 (+1.19%)
Объем 24H $45.512b
Изменеия 24h: 3.09 %, 7d: -2.99 %
Cегодня L: $66916.68 - H: $70362.28
Капитализация $1391.633b Rank 1
Цена в час новости $ 10766.54 (553.53%)

bitcoin recent 500 selloff decline low afternoon

Источник: bitcoinist.com

bitcoin recent → Результатов: 126


Bitcoin: A ‘Decades-Long’ Investment, CEO Says, Despite Recent Downturn

Amidst the recent turbulence in the cryptocurrency markets, Bitcoin has once again proven its resilience, with industry experts advocating for a steadfast approach to weathering the storm. Related Reading: XRP Scores Regulatory Win: European Governance Institute Endorses Non-Security Status Bitcoin’s Rocky Ride Over the past 24 hours, Bitcoin has experienced a notable correction, shedding over […]

2024-3-17 15:50


Фото:

Should you invest in Meme Mogul after Michael Saylor’s recent remarks?

U.S. companies could soon start using Bitcoin as a “legitimate treasury reserve asset”, says Michael Saylor. He’s the Executive Chairman of MicroStrategy Inc. Bitcoin adoption to improve moving forward Bitcoin has been breaking to the upside in recent weeks on the back of optimism that the Securities & Exchange Commission will soon approve a Spot […]

2023-12-22 17:35


Фото:

Report Finds Public Trust of Bitcoin Will Soon Outweigh that of Big Banks

Bitcoin’s status as a “safe haven asset” has grown in recent times due to its performance against a backdrop of global uncertainty This narrative has also been bolstered by the massive amounts of money printing and inflation seen throughout the globe The recent halving event shined a spotlight on Bitcoin’s deflationary structure and fixed supply All these factors appear to have built up the public’s trust in the benchmark cryptocurrency New data shows that the […]

2020-6-25 02:00


Bitcoin Still ‘Wildly Bullish’ Despite Sharp Recent Retreat, Experts Say

Despite the recent fall of Bitcoin, experts have not yet abandoned their bullish sentiment. In fact, it seems that current events have only served to reinforce this perception. While it is true that bitcoin experienced a sharp drop, breaking essential supports for swing and day traders, in a long term vision it is possible that […] The post Bitcoin Still ‘Wildly Bullish’ Despite Sharp Recent Retreat, Experts Say appeared first on CCN Markets

2019-7-16 09:32


Bitcoin Cash flies high after Bitcoin’s network gets congested due to recent rally

Bitcoin Cash’s major proponent, Roger Ver, spoke about recent developments and adoption drives in the crypto-ecosystem, in a recent interview with Robert Beadles. Ver spoke about BitPay, which has been going head first into crypto-adoptions after enabling cryptocurrency payments in a myriad of sections, including, jewelry, entertainment, gaming, fashion, charities etc.

2019-7-2 21:30


дальше еще 77 новостей →

Партнеры Currencies.ru

Аналог Notcoin - Blum - Играй и зарабатывай Монеты



Реклама на Currencies.ru

Самое свежее на Currencies.ru

Bitcoin Price Takes a Sharp Dip: Is This Just a Correction?

Bitcoin price is correcting gains from the $73,500 zone. BTC is back below the $70,000 level and showing a few bearish signs. Bitcoin started a fresh decline from the $73,500 zone. The price is trading below $71,500 and the 100 hourly Simple moving average.

Bitcoin Price Nears All-Time High: Can It Push Past the Mark?

Bitcoin price is rallying above the $72,000 zone. BTC is up over 5% and it could soon aim for a new all-time high above $73,500. Bitcoin started a fresh increase above the $70,000 zone. The price is trading above $70,500 and the 100 hourly Simple moving average.

Bitcoin Price Rallies Above $70K: Is a New High Within Reach?

Bitcoin price is rallying above the $70,000 zone. BTC is up over 5% and it could soon aim for a move above the $72,000 resistance zone. Bitcoin started a fresh increase above the $68,000 zone. The price is trading above $70,000 and the 100 hourly Simple moving average.

Bitcoin Price Targets Gradual Rise: Will the Uptrend Hold?

Bitcoin price is attempting a fresh increase above the $67,000 zone. BTC could gain pace if it clears the $68,750 resistance zone. Bitcoin started a fresh increase from the $65,500 zone. The price is trading above $67,200 and the 100 hourly Simple moving average.

Bitcoin Price Eyes Further Gains: Can It Keep Climbing?

Bitcoin price is attempting a fresh increase above the $37,000 zone. BTC could gain pace if it clears the $68,800 resistance zone. Bitcoin started a fresh increase from the $65,200 zone. The price is trading above $67,500 and the 100 hourly Simple moving average.

Bitcoin Price Could Reignite Uptrend: Is a New Surge Coming?

Bitcoin price tested the $65,200 zone before the bulls appeared. BTC is now rising and aiming for more upsides above the $67,500 resistance. Bitcoin extended losses and tested the $65,200 zone. The price is trading below $67,500 and the 100 hourly Simple moving average.