Bitcoin Holds $9.5K Support But Indicator Shows Investors Undecided On Next Move

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Bitcoin Holds $9.5K Support But Indicator Shows Investors Undecided On Next Move





Bitcoin is holding strongly above the $9,500 support despite a seemingly weak start to the week. The day has been marked by declining figures. Notably, Bitcoin dominance and trading volume. This is unsurprising as the digital asset was eclipsed during the weekend by altcoins. With some of these assets, their upward trajectory is just beginning and is expected to continue pumping and outperforming Bitcoin for weeks. So where does this leave Bitcoin?

Well, the digital asset is currently lagging and clinging for growth. At or below $9,500, Bitcoin can easily spiral downwards to the recent $8,600 lows. A more decisive position for Bitcoin is $9,800. This resistance has been a major hurdle for bulls looking to reach $10K but its approach has promised a break above and rally to highs of $12K to $14K.

With Bitcoin steadily above $9.5K, proponents can expect a push in the next few days to the $9.8K resistance. From this, Bitcoin can form a more long term bearish or bullish trend depending on whether it breaks above or slumps back.

If Bitcoin fails to break above, it could easily dump below the $9,500 support as an investor’ exit. A number of investors have noticed the recent positive performances by top altcoins and will be looking to take positions. Two of the most notable ones are Ethereum and Cardano. There is also optimism around Tron and Ripple’s XRP.

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