Bitcoin rose to $10,000 and was rejected again at this level. Despite the fears that this is the beginning of a larger correction in the markets, an analyst noted that Bitcoin is still a number of technical signs pointing to the rise.
The drop in the leading cryptocurrency came with a strong correction in the S&P 500 index, which saw its worst daily performance over the months. The index fell 6% in Thursday’s trading session, and its fall coincided with other leading asset classes such as Bitcoin and precious metals and oil.
Bitcoin Still Rising
Confused after Bitcoin dropped $ 1,000 in the last 24 hours. A prominent trader said that crypto money is likely to drop 40% from current levels:
“Bitcoin doesn’t work like this. Withdrawals are short. Being continues to collapse further. 40% drop is likely; it happened before, it will happen again. ”
There are still reasons for analysts to come up with contrary ideas, though.
Although a trader has not indicated whether he has taken a position yet, he noted four technical signs that indicate that the upward trend in Bitcoin price is solid:
BTC is trading above the downtrend following the highest level of $ 14,000 in 2019.
The volume shrinks within a range and indicates a close break.
The last price action is very similar to the 2019 rally, whereas prices were traded on the uptrend channel before the prices became parabolic.
Bitcoin is not making any lower pressure yet.