Bitcoin (BTC) price is the key metric based on which many other cryptocurrency prices rise or fall. While the past week was a good one for BTC holders, as the currency surged beyond $11,000 – the last couple of days have been quite disappointing as the markets are back to $9,000 levels.
Bitcoin seemed to have formed some sort of a support at the $10,000 mark – but it failed to retain the price. BTC prices have since collapsed to below $10,000, and the question that everyone seems to be asking is – where does the next line of support lie. While the current expectations are that the BTC/USD level of $9000 will hold as a good line of support – the markets have been unpredictable in the past!
In the past 24 hours, Bitcoin price fell from $10,122 to $9696 – a fall of a little less than 4%, but one which marks a significant change! In these 24 hours, Bitcoin also hit a low of $9548 but has since recovered by about $150. The current market cap of the currency stands in at $163 Billion, down from $170 Billion when the day started.
If you look at the week’s analysis, Bitcoin was on the stronger side for the better half of the week. The currency began the week at a price of $10,300 and went on to touch a high of $11,958. However, following a strong resistance at the $12,000 mark, the price of Bitcoins again entered a downtrend.
The current expectations in the markets are that the bulls would come swooping in for a rescue! If the prices drop to $9200-$9050 levels, the market bulls would help the currency bounce back by another $1000-$1500 with the help of mass investments. However, to really enter a growth rally, Bitcoin must break the lines of resistance at the $12,000 and $13,000 marks. It would be interesting to see where the currency goes from here.
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Disclaimer: Neither the management nor the authors at CryptoCrimson are responsible for any losses, financial or otherwise, which may occur due to investing based on our articles. These are market predictions – which are not set in stone. The information provided is only for educational purposes and cannot be considered a financial advice.