Bitcoin appears to have entered a firm consolidation phase within the mid-$9,000 region following the latest rejection at $10,000
In spite of the signs of weakness that BTC has flashed throughout the past several days, it is important to keep in mind that it has sustained above multiple key technical levels
It now appears that the cryptocurrency could be well positioned to see further upside, but there is one key resistance level that must be firmly surmounted
Bitcoin has entered yet another bout of sideways trading as it struggles to garner any decisive momentum in either direction.
In order for the crypto’s mid-term uptrend to be sustained in the days and weeks ahead, it is imperative that it firmly surmounts the heavy resistance that is faces within the lower-$10,000 region.
Another swift rejection here could be enough to send the crypto spiraling lower, potentially erasing a good portion of its recent gains.
Bitcoin Remains Above Key Technical Formation as it Enters a Consolidation Phase
At the time of writing, Bitcoin is trading down just over 1% at its current price of $9,440.
This marks a notable decline from recent highs of $9,900 that were set roughly two days ago.
In the time following this rejection, BTC’s buyers and sellers have reached an impasse as they both struggle to tip the scales into their favor.
In the near-term, bulls may have an edge over bears due to their ability to absorb enough of the selling pressure to support BTC above $9,000.
One analyst is also noting that Bitcoin’s market structure remains firmly bullish as it remains above a key cloud formation.
“A wise old man once told me that above the cloud, bulls are in control – I tend to believe old wise men,” he noted while pointing to the chart seen below.
Image Courtesy of Teddy
BTC Still Faces Heavy Multi-Month Resistance
Although its market structure may favor buyers, it is important to keep in mind that Bitcoin is fast approaching what one analyst is describing as a “monster resistance” level.
This level exists between roughly $9,900 and $10,500 and has been the impetus of multiple major rejections that the cryptocurrency has seen dating all the way back to September of 2019.
“Our major resistance held up once more and sent us down to 8100 so far, following the red path. That being said I’m flat atm and not sure if that was all for the correction or if we get one more leg down,” he said while pointing to the level marked on the below chart.
Image Courtesy of Credible Crypto
It is important to note that the same analyst further went on to add that he believes “dips are still for buying” due to its growing technical strength.
Featured image from Unplash. origin »
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Despite suffering a severe sell-off in the face of uncertainties in the macro landscape, Bitcoin’s ebbing tide seems to be subsiding, with key metrics suggesting the cryptocurrency is poised to come ahead.
2020 has been a key year for Bitcoin. There have been key moments of highs and lows but the current market suggests that the digital asset might be saving its best period for the penultimate months.
The total crypto market cap is slowly moving higher towards the key $220. 0B resistance area. Bitcoin price might soon make another attempt to surpass the key $8,500 resistance area. BCH price is holding the $220 support, but it is facing hurdles near the $235 resistance.
After inching higher yesterday, Bitcoin faced a somewhat strong rejection at just above $10,400, which has brought the cryptocurrency down towards its next key support level at $10,000. A failure for bulls to hold this level could mark a short-term trend shift that sends BTC significantly lower.
Bitcoin and the aggregated crypto markets have incurring notable volatility as of late, and BTC is currently trading just a hair below a key resistance level that exists at roughly $12,000. Analysts are now noting that Bitcoin is nearing a key decision point that will likely set the tone for which direction the markets are.
After setting a new 2019 high near $11,800, bitcoin price declined sharply against the US Dollar. The price declined below the key $13,200 and $12,000 supports to trim most gains. There is a connecting bearish trend line forming with resistance at $11,100 on the hourly chart of the BTC/USD pair (data feed from Kraken).
Key Points Bitcoin price failed to stay above the $6,300 and $6,280 support levels against the US Dollar. Yesterday’s highlighted key contracting triangle was breached with support at $6,350 on the hourly chart of the BTC/USD pair (data feed from Kraken).
For example, a BitcoinJ developer once wanted to use the key to control fees, while a Bloq staffer pressed for Bitcoin Core developers to use the key to change the network’s mining difficulty. I’m thinking about releasing the private key early July at Building on Bitcoin, though it’s not finalized yet.” If they were found
Key Points Bitcoin price found support near the $6,620 level and recovered well against the US Dollar. There is a key contracting triangle formed with support at $6,700 and resistance near $6,780 on the hourly chart of the BTC/USD pair (data feed from Kraken).
Key Points Bitcoin price failed to recover above the $6,750 and $6,800 resistance levels against the US Dollar. There is a key bearish trend line formed with resistance at $6,700 on the hourly chart of the BTC/USD pair (data feed from Kraken).
Bitcoin Price Key Highlights Bitcoin is down to a major support zone visible on the long-term chart and a breakdown could lead to a test of $4,000. If bears still take price below the next long-term bottom, a move towards $2,000 could come next.
Key Points Bitcoin price found support near $6,620 after a major decline against the US Dollar. Yesterday’s highlighted important bearish trend line was breached with resistance at $6,700 on the hourly chart of the BTC/USD pair (data feed from Kraken).
Bitcoin Price Key Highlights Bitcoin price has formed lower highs and lower lows to trade inside a descending channel on its 1-hour chart. Price is testing support and a bounce could take it back up to the resistance or the Fibonacci retracement levels.
Key Points Bitcoin cash price declined toward the $900 support recently against the US Dollar. There is a key bearish trend line forming with resistance at $990 on the hourly chart of the BCH/USD pair (data feed from Kraken).
According to experts at Fundstrat, the price drop of Bitcoin to below $7,000, a two-month low, indicates that the coin will have a difficult time recovering in the short-term. Bitcoin Uptrend Coming Robert Sluymer, technical strategist at Fundstrat Global Advisors believes that $7,777 is the key level Bitcoin will have to reach to signal an.
Key Points Bitcoin price fell sharply and declined below a major support area at $7,000 against the US Dollar. There is a major bearish trend line formed with resistance at $6,950 on the hourly chart of the BTC/USD pair (data feed from Kraken).
The wealth management firm is looking for employees to run its internal Bitcoin fund that was launched last year. Two key members of Fidelity’s crypto-team have left the company for other projects.
Bitcoin Price Key Highlights Bitcoin is still inside its descending triangle visible on the daily chart. Price is testing support and is approaching the peak of the formation to signal an imminent breakout.
Shopin — a universal shopper profile that delivers personal shopping experiences through retailers’ apps, websites and stores — says one of its token distributors has been hacked and roughly $10 million in a variety of cryptocurrencies has been stolen.
With the creation of Bitcoin and its blockchain, Satoshi Nakamoto introduced an entirely new practical application for cryptography, unearthing an unexplored area for computer science and technological development.
BTC’s price lost its all-time high of $18,000 as FTX fiascos continued to affect its price. BTC’s price continues to look bearish with the market’s current state, as things look uncertain for most traders and investors.
BTC’s price loses its $18,000 all-time high support as the price trades to a region of $17,000 before bouncing off this region. BTC’s price continues to look bearish with the market’s current state, as things look uncertain for most traders and investors.
BTC’s price needs to stay above $20,500 for the price to have a chance to rally high to a region of $22,500. BTC’s price continues to trend, creating a more bullish bias as the price aim for $22,500, where the price could face resistance.
BTC’s price needs to rally high as the price continues to stall in its price movement despite the market looking green across boards. BTC’s price continues to trend, creating a more bullish bias as the price aim for $22,500, where the price could face resistance.
BTC’s price slowed down after showing so much strength as it rallied to a high of $21,000 but got rejected as the price rallied downward. BTC could suffer retracement as the price breaks below the crucial support area, holding the price off from sellers with hopes of a rebound.
BTC prices continue to trend downwards as prices remain bearish, with price trading on critical support. BTC trades below 50 and 200-day Exponential Moving Average as price struggles to regain bullish signs.
BTC price trades below key resistance as prices get rejected under daily EMA. BTC’s monthly candle closes with so many mixed feelings ahead of October. The price of BTC must close above $21,500 to renew bullish sentiments.
