Altcoins Talks - Cryptocurrency Forum
Cryptocurrency Ecosystem => Bitcoin Forum => Topic started by: rasangaya on May 29, 2020, 08:34:21 PM
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Bitcoin’s $9k Bounce Could Falter if Bulls Fail to Break This Price Level
(https://i.imgur.com/arugOdT.jpg)
Bitcoin bulls have once again defended the $8,800 support. After doing so last week, there was an expectation that another run at it would end with Bitcoin breaking beneath.
The bull’s effort has not only been awarded with the support holding but also with a bounce-back above $9,000 and into the $9,150 levels. This is the range that the bulls have been struggling with as they attempt to break above and set it as higher support.
With the asset already stalling and struggling with daily low volume, it’s clear Bitcoin is still not ready to break out and could easily slump back.
The $8.8k level short term buyers will be keen to see if Bitcoin breaks above $9,200 and attempt a retest of $9,400. If Bitcoin fails to break this, it is set to remain in range and possibly pull back to the $8,800 lows again as short term traders cash in.
For most analysts, they still expect lower lows despite the fresh bounce. The two crucial supports under $8,800 are $8,500 and $8,200. From these, we can expect further accumulation before a move higher. While Bitcoin continues to show hesitation, some investors are beginning to look at altcoins. Developments around some top coins hold much promise for a rally in the coming weeks and at their current levels, they are at a discount.
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I think this time the bulls will break the mark above. And the price of Bitcoin will not fall, but will only increase. But I hope so.
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I hope so too, but it has not happened yet.
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I still believe that halving will make Bitcoin increase its price and this time should be good time to jump. I know this is not the best time to surge at very high rate, but at least there is another increase after halving. I think all investors really expect the same hope as me nowadays.
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The bitcoin price needs time to start jumping up even after halving, moreover in this pandemic. And see, it is about the price movement, currently, the price hits around $93 to $95. Today, we saw good progress in Bitcoin price improvement. So, it is good news, mate.
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Bitcoin will have bullish in June because the trend of Bitcoin is still good and it continues to achieve the next level of $10,000. I don't know on what date but it is likely to happen soon in June. So, just wait for at that time.
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It is important to note that the short-term downtrend that occurred after BTC faced the entry of yesterday's selling pressure only occurred for a very short term and was finally followed by a strong Bounce that signaled the continuation of the uptrend.
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we will see the price from bitcoin will start moving up if the pandemic is over. New normal will begin and take a look for the price of bitcoin will hit 10.000 USD per bitcoin. in the next few days, this will happen. Go buy more for short term profit. Or we will regret it.