Is Bitcoin Again Heading Towards the $10,000 Mark?
Despite the fact that Bitcoin cost has shown some downtrend in recent times, key support levels are still very much intact as BTC plans for yet another shot at $10,000. The cost of Bitcoin in dollars (BTC) has been going down consistently. But, as per bitcoin traders, the key support level is still there, and this set off the continuation for different altcoins like the Tezos (XTZ) and Algorand (ALGO). They have increased separately by over 9% and 17% during the month of July 2020. Here are the ways to earn living by working online
The thing to notice here is that the highs of altcoin generally happen when Bitcoin keeps quiet, and it has also been observed by markets in the past two months. The question is, to what extent will it last and is the highest valued cryptographic money prepared enough for a trial of the $10,000 level? Bitcoin value holds above $9,000 as a key support level, and it further proves that the structure is flawless, but there are some factors that must also be considered here to get an answer to the question.
- Important signals emanating from the market – In any case, the market signs can hold a lot of answers for many investors. The first is the vital upwards pattern. This pattern stays to be dynamic, as long as the market is persistently making higher lows. It is basic that Bitcoin keeps the $8,500-$8,800 level for higher time spans. In the event that level is lost, a chain response of misfortune triggers can happen. However, in a lower time period, the equivalent can be expressed of the $9,000-$9,100 level acting near the trendline.
Secondly, the market is still going over the 100-day and 200-day moving graph, and that is a bullish sign as it points to a higher trend. Moreover, both of these features are becoming the most important factor sooner than later. These features can become the support that can drive the cost further up.
- Key regions in shorter time spans – The BTC-USD four-hour chart provides a good picture of the very new range-bound developments. The $9,400 level is showing up as the resistance, while the vital support that is there at $9,000-$9,100 is holding up as help. This range can continue for a few days as the cost is stuck in the middle of these two levels. The contention in the business sectors happens as the cost has been making lower highs since it touched the zenith in the first week of June.
- It’s pertinent that the bulls try to cross the $9,400 obstruction level, after which a retest of the $9,600 resistance can probably happen. Crossing the $9,600 implies continuation to the $10,000 obstruction level is conceivable, and if this level is breached once more, a breakout turns out to be increasingly likely. The uptrend is due to the total market cap – The complete crypto capitalization graph is indicating a consistent picture. Astoundingly, the diagram is making higher highs, while Bitcoin is slacking and presently can’t seem to make another higher high. This shows altcoins have been at the center of attention as of late. They have leveraged their potential and market capitalization too.
Close to that, there is a sort of hidden bullish disparity appearing on the outline close to the support that was available at $240 billion. Further compression is probably going to happen before another stroke to the upside happens instead of a further loss.
- An optimistic situation for Bitcoin – As has been mentioned before, the $9,000-$9,100 area was a critical zone to hold. Fortunately for the bulls, the market held the support that was needed, through which the bullish situation could be structured. The $9,000-$9,100 region needs to hold through which the upturn continues. For whatever length of time that this upturn is supporting, the momentum will be on the up, and a $9,600 test can happen. This $9,600 obstruction level is still an untested area and ready for a trial of the business sectors.
In the event that the cost of Bitcoin rejects at this resistance level, the following target zone for support will be the $9,300 zone. If the structure keeps on happening, at that point, a reestablished trial of the $10,000 zone is probably going to happen. Along these lines, a repeated trial of the $10,000-$10,500 territories would prompt a potential breakout upwards.
Looking at all these points, it seems pretty much possible that Bitcoin will breach the $10,000 level within a very short time as all indicators are favoring the same. However, the market also has to support this move so that investors can further think about increasing their stakes on the cryptocurrency.
Read Dive is a leading technology blog focusing on different domains like Blockchain, AI, Chatbot, Fintech, Health Tech, Software Development and Testing. For guest blogging, please feel free to contact at firstname.lastname@example.org.