Bitcoin (BTC) has been trading horizontally for the past three weeks, devoid of price action. Investors for the leading cryptocurrency which did not exceed the $ 10,000 critical level in these three weeks are also not completely sure of the short-term price trend.
With the start of the weekend, Bitcoin price has tended to intensive price movements. Along with the stagnant trade volume in the market, an increase was observed in variable price movements. Bitcoin price, which fell below $ 9,000 for a short period on June 25, quickly recovered with a strong response thanks to buyers trying to defend this support level, which is considered to be very important.
When a level of support is repeatedly violated, that entity often tends to weaken. We saw that both support and resistance levels were broken after a third test in Bitcoin. Therefore, some traders expect Bitcoin to rise to the middle of $ 9,000 in the near term, and then drop to $ 8,000 again.
In a statement made by a popular Bitcoin trader, referring to the recovery starting at $ 9,000, he predicted that after testing the $ 9,450 level of leading crypto money as a potential scenario, he would withdraw.
Investors usually expect volatile price movements for the weekend. A price increase of $ 9,450 and a decrease to a range lower than $ 8,900 will ensure that both buyers and sellers receive liquidity as long as possible.
Critical Level For Bitcoin
Bitcoin’s price is at a critical point where a multi-month drop cycle or a bull market can start after a 2-year break.
The famous trader, known as Satoshi Flipper, stated that it is normal to see a few months of accumulation period before Bitcoin goes above $ 10,000, which is generally considered a psychological level.
A long-term decline in Bitcoin reserves means investors are moving their funds more and more on trading platforms. This indicates that traders expect a positive long-term trend in the cryptocurrency trade rather than short-term in the short term.
“The BTC balance in stock exchanges reached 2.622.984.499 BTC, the lowest level in 1 year. The lowest level of the previous 1 year was observed on June 19, 2020, with 2,623,005,552 BTC. ”
Bitcoin (BTC) is trading at $ 9,088 as of writing.