2020-9-9 21:00 |
It is growing increasingly clear as to just how important $10,000 is for Bitcoin’s macro price action, as this level has been ardently defended by bulls on multiple occasions BTC has been trading around the level for the past several days, with each dip below it proving to be highly short-lived Bulls’ slight displays of strength whenever the crypto dips below this level are a positive sign for its near-term outlook One analyst is now noting that this price action has allowed Bitcoin to remain above its 128-day moving average The defense of this level seems to indicate that upside may be imminent in the near-term
Bitcoin and the entire cryptocurrency market are beginning to stabilize after facing some turbulence over the past few days.
Much to the chagrin of bears, the selling pressure around $10,000 has not been enough to spark any type of sustained dip below this key support level.
The continued defense of this level is a positive sign that indicates upside may be imminent.
It has also allowed BTC to remain above a key moving average. This is an overwhelmingly positive sign for its near-term outlook.
Bitcoin Bears Struggle to Shatter $10,000 SupportOver the past few days, analysts and investors alike have been growing incredibly bearish, widely noting that the sharp descent BTC saw from highs of $12,200 to lows of $9,900 struck a lethal blow to its market structure.
It is important to note that this decline has firmly ended, with buyers absorbing the selling pressure each time it dips below the five-figure price region.
Where it trends next may depend largely on its continued reactions to this support level.
Following a test of $9,950 yesterday afternoon, bulls stepped up and sent the crypto surging up to highs of $10,250 that were tapped earlier this morning. It has been consolidating ever since.
BTC Continues Defending Crucial Technical Support LevelAnother analyst explained in a recent tweet that Bitcoin has been testing its 128-day moving average.
Although it has been defended thus far, he notes that a continued defense of it is required in order for it to catalyze bullish momentum.
“BTC testing the 128 DMA – historically often a level of support/resistance on trending price. Also testing HTF support – the LTF doesn’t have me convinced yet. If LTF can show strength I want more longs – until then I’ll sit in spot,” he explained.
Image Courtesy of Bitcoin Jack. Chart via TradingView.How BTC continues reaction to both its $10,000 horizontal support and its 128-day moving average should offer some insight into its mid-term outlook.
Featured image from Unsplash. Charts from TradingView. origin »Bitcoin price in Telegram @btc_price_every_hour
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