The Bitcoin price, according to traders and analysts, is currently sat at a critical juncture. This comes following it's indecisive weekly close and is waiting for confirmation for either a full short term trend breakdown or reversal for Bitcoin.
Ever since July, the price of Bitcoin has been testing the ‘range bottom’ from $9,400 to $9,700. It has done this a total of six times and has weakened the support over the past few months.
Analysts like Nick Cote, DonAlt, Scott Melker, and Josh Rager have said that if the Bitcoin price isn’t able to climb over the key resistance levels above $10k in the short term, them a plummet below the $9k mark is very much on the table.
Before we go any further though, it’s worth saying that we aren’t financial investors and this isn’t financial advice. Please do your own research before putting your money in a cryptocurrency and always remember to trade safe!
Nick Cote clarified that Bitcoin is likely to test $9.1k as the next major support range. But he emphasised that is only if the leading cryptocurrency can’t break above important resistance levels as a result of declining interest in the market.
He went onto say:
“The bitcoin price has moved into the critical level of the bearish throwback. A move above this throwback would indicate a trend reversal for the bulls, with the immediate target of $10,300 Failure to breach will likely send us back to to test the $9,100 major support level.”
At the end of last month, the analyst DonAlt said:
“Consolidating where it shouldn't. At this point, I'd be very surprised by any significant upside without a stop run taking place (Sub $9000). There just isn't any momentum on the bull side at key areas on the chart.”
It will be interesting to see how this situation plays out for Bitcoin in the future. For more news on this and other crypto updates, keep it with CryptoDaily!