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Cryptocurrency Ecosystem => Bitcoin Forum => Topic started by: rasangaya on May 29, 2020, 08:30:12 PM

Title: Bitcoin Slumps Below $9,000 to 2-Week Lows But A Bounce Might Be Underway
Post by: rasangaya on May 29, 2020, 08:30:12 PM
Bitcoin Slumps Below $9,000 to 2-Week Lows But A Bounce Might Be Underway


(https://i.imgur.com/CuS92DD.jpg)

Bitcoin bulls are clearly losing steam as bears have been able to break below $9,000 and the daily ascending channel. They also managed to break the 26-EMA support but the volume for the bears is concerning.

Considering they managed to break below crucial support levels, the bearish continuation hasn’t been that strong, and volume has continued declining. Bulls can still see a daily equilibrium formed if they can hold the $8,117 support.

The short-term is definitely in favor of the bears but it’s not a clear downfall for Bitcoin just yet. According to recent statistics, the number of addresses holding Bitcoin has continued to grow further confirming the narrative about people accumulating Bitcoin.

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Title: Re: Bitcoin Slumps Below $9,000 to 2-Week Lows But A Bounce Might Be Underway
Post by: mlawson71 on June 01, 2020, 04:35:31 PM
Hopefully we will see a new move to the upside in June.
Title: Re: Bitcoin Slumps Below $9,000 to 2-Week Lows But A Bounce Might Be Underway
Post by: Alter on June 01, 2020, 10:54:35 PM
The Bitcoin price below $9,000 seemed to happen at the beginning of the previous month, but it cannot be considered as the potential price of Bitcoin this month. As the Bitcoin price is already above $9K, I think the chance of Bitcoin price to surge higher than to drop.