Recent Price Decline Does Not Affect Bitcoin’s Bull Case
As the Bitcoin floats over at $9,000 which is its key support level, the crypto space notices some signs of weakness in Bitcoin and the aggregated crypto market.
Bitcoin Gets Rejection In Upper-$9,000 RegionRecently, Bitcoin reached a new high of $9,800 but in that upper-$9,000 region, it received a lot of rejection which resulted in the decline of the world’s largest cryptocurrency. Another reason that triggered the fall in the price was the news which mentioned that 50 BTC has been moved from 2009 era wallet.
According to some analysts, the current drop in Bitcoin price would not invalidate its long-term bullish movement.
Currently, the Bitcoin has been trading down by 1 percent at its recent value which is $9,140. Notably, the recent value of Bitcoin is better than the daily lows of $8,800, which was established after an overnight crash in price.
Bitcoin Buyers Consumed Dip AdherentlyThe Bitcoin buyers were not much affected with the fall, in fact, they consumed it enthusiastically and later, helped the cryptocurrency to climb higher.
The recent activity of Bitcoin indicates that it does have an overt weakness, but it also has some hidden strength.
One of the analysts recently tweeted a chart which shows an uptrend in Bitcoin and explains the bull case of cryptocurrency remain valid.
The trendline is not the only reason for the upward movement of Bitcoin, cloud resistance also helped the cryptocurrency.
The analysts have also pointed out that currently, the cloud resistance of the cryptocurrency has been broken which is a bullish good sign for sparking an uptrend.
An analyst believes that the latest uptrend might help the cryptocurrency in moving up to the mid-$9,000 regions.
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About The Author
Jyoti SinghGraduated from GGSIPU and did PG Diploma in English Journalism from IIMC. Last worked at Business News and Information Services Ltd. for more than one and a half years as a sub-editor.
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