Bitcoin Dips Below $10,000, But Bulls May Soon Take Control

Bitcoin has once again dropped to its key support level of $10,000, although each minor dip below this level over the past 24 hours has been met with relatively strong buying pressure. If BTC is unable to surge from this level, however, it could once again revisit its historically strong support region that currently exists in the lower $9,000 region.

Analyst are now noting that Bitcoin is likely to surge one more time before it drops decisively below $10,000, but if history repeats, the next drop could be met with significant buying pressure that sparks the next uptrend.

Bitcoin Dips Below $10,000 as Sellers Build Strength

At the time of writing, Bitcoin is trading down nearly 2% at its current price of $10,070, which marks a slight recovery from its 24-hour lows of just below $10,000.

Over the past three months, BTC has been facing a bout of consolidation, with each dip towards $9,000 being met with strong buying pressure, while each movement towards $11,000 has resulted in strong and swift rejections.

This wide trading range has shown no signs of breaking anytime soon, although some analysts are pointing towards the imminent release of Bakkts physically settled BTC futures product as a potential catalyst for future gains.

The Cryptomist, a popular crypto analyst on Twitter, recently shared her thoughts on BTC, explaining that she expects it to break upwards towards $10,400 before facing another swift rejection that sends it to below $10,000.

$BTC: With the 1hr RSI forming a rising wedge, I expect perhaps one more touch on the rising wedge. With 2hr time frame RSI, I expect a move upwards towards breakout within 16 hours or so. My target remains the 10.4k region, she explained.

Could a Break Below $10,000 Spark the Next Bull Run?

Although it seems counterintuitive that a break below $10,000 could ultimately spark the next massive upwards movement, one analyst is noting the BTCs current descending triangle could result in a downwards break that is ultimately followed by a massive upwards surge which is a pattern seen in previous years.

B.Biddles, another popular crypto analyst on Twitter, spoke about this possibility in a recent tweet, pointing to a similar pattern that was seen in 2017.

$BTC Descending Triangle at the peak of a bull run, 01 June 2017 30 July 2017 (59 days). Not hopium, just showing that its foolish imo to think anyone has a clear sense of what happens next (very short-term movements aside), he noted while pointing to the below chart.

As the week continues on and BTCnears the apex of the massive descending triangle that it is trading within, it is highly likely that its fate for the rest of 2019 will soon grow increasingly clear.


Featured image from Shutterstock.

The post Bitcoin Dips Below $10,000, But Bulls May Soon Take Control appeared first on NewsBTC.

11.09.2019 / 16:20 47
Bitcoin Dips Below $11,000: Analysts Forecast 30% Drop to CME Futures Gap Bitcoin Dips Below $11,000: Analysts
After a short period of consolidation, Bitcoin (BTC) broke down and has dropped below the key support level of $11,000 that has previously been a
Bitcoin Faces Strong Resistance at $12,000 as Technical Strength Builds Bitcoin Faces Strong Resistance at
Bitcoin (BTC) has been facing a significant amount of buying pressure as of late that has allowed it to surge from lows of $9,100 to highs of
Ripple (XRP) Outperforms Crypto Markets as Price Stabilizes Above Historical Support Ripple (XRP) Outperforms Crypto Markets
Ripple has been able to once again find strong buying pressure in the upper-$0.20 region, which has historically been a region of strong support for
Bitcoin (BTC) Price Still In Strong Uptrend, Buying Dips Favored Bitcoin (BTC) Price Still In Strong
Bitcoin price traded to a new monthly high at $4,064 and later corrected lower against the US Dollar. The price declined sharply below $3,950, but
Analyst: A Break Above 4,300 Could Create Ugly Situation for Bitcoin (BTC) Short Sellers Analyst: A Break Above 4,300 Could
After breaking above the ever-so-important $4,000 level, Bitcoin has been able to maintain above this price, but BTC has not been able to garner any
Bitcoin Price Surges Following Recent Drop, But BTC Faces Strong Resistance Around 3,900 Bitcoin Price Surges Following Recent
Following the recent influx of selling pressure that sent Bitcoins price spiraling below its previously established support level at $3,800, the
Comments (0)
Add a comment
Comment on