Clear-Headed Response to Crypto ETF Rejections Drove Bitcoin Price to $7,100: An

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If the $7,100 price holds for one or two weeks, the bulls will return, he said, and $10,000 is a likely possibility. The bulls are waiting to see if the $7,100 price holds. Asked what will move bitcoin to $10,000, Moro said slow and steady growth will be needed, along with volume.

“What you need to see is the less violent moves of 5% up, 10% up, and a slow and steady growth across the exchanges,” Moro said.“What I also think is important is I think the market now understands that the SEC’s ETF approval isn’t any time soon.”

“I think the bears have realized that they’ve run out of steam,” he added. In addition, on the spot trading side, there were very few sellers around the $6,000 level.

Moro finds it interesting that every time the bitcoin price pops, some people start to sell.

“It’s folks who have managed to scoop up the dip and are selling at the next pop,” he said. “The question is, are the bulls here to stay?” He said a strong buy side demand has yet to materialize. One question is whether the market returns to the $6,000 level because the bulls are still waiting to see if $7,100 price holds.

Read More : https://www.ccn.com/clear-headed-response-to-crypto-etf-rejections-drove-bitcoin-price-to-7100-analyst/