2020-7-30 11:44 |
The bulls were earlier in the week crashing the bears. In a matter of days, Bitcoin climbed from $9,500 to $11,000. But since reaching this 11-month high, the bulls seem to have lost their rage. With initial targets set at $12,000, holders might be staging a dip to accumulate more at a discount before a further continuation of the upward trajectory.
In Bitcoin’s nature, with every drastic price move, there is a correction. This begins soon as prices stall and volume begins to fade. With the price surge already hampered and with the weekend upon us (when volume generally slumps), a correction looks likely. This is further coupled with a fear that investors could dump around $11K as recent data shows that 93% of circulating Bitcoin is in profit.
BTCUSD Chart By TradingViewBut although a dip looks critical in the face of it, it will allow holders to possibly fill up their bags before another drastic move upwards.
These investors will however be closely watching the $10K level. Attempts to stay above this in the long term have failed for more than 2 years now.
Everything positive happening around Bitcoin suggests that it could be ready to permanently seal a support level above it. But the irrational nature and sensitivity to negative news mean Bitcoin needs to set a higher resistance than $11K. Ideally, above $14K, which is its current 2-year high. The mid-term trend, bullish or bearish, is expected to be set going out of the weekend or early next week.
As Bitcoin heads up, altcoins with the exclusion of a few like Ethereum and XRP seem to have fallen behind. This is common and is an effect of shifting market dominance. Just a few days ago, Bitcoin dominance was dangling at 60%, now though, owing to this week’s surge, it is back on top of 63%.
As Bitcoin soars, altcoin investors move their funds into it and try to catch gains. When it slows, they move back to altcoins and feasibly grab a late rally.
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