Bitcoin 10k resistance?
As everyone might know that Bitcoin has struggled to recover its losses in the past month, we have been seeing it bounce back from the latest lows of 6k and has been a bit of a slow climb shall we say, and the overall market cap has also a lot to do with why the price still has not stabled back above 10k area .
We went from an overall market cap of 800B and since the price fall, we are currently sitting at around 400B Mkt Cap.
my short term price predictions are, looking at the BTC chart is that on the intraday 4H we have an inverted H&S pattern with the neckline at 9k even level and as im writing this post BTC price is sitting around 8,500 and has bee trading sideways all day from 8k to 8,500 and we are also lacking in volume, if we could get a good amount of buy volume to break
that neckline as well as a key downward sloping trendline connecting back to the all-time highs of 19.5k if price can breifly break and close above we could see a lot more of a bullish sentiment and get more buyers into the market.
And from that we could easily see price break past 10k and aim for the next key level of resistance which is sitting around 12k area
Bitcoin Market Cap: $415,871,299,704 / 24h Vol: $19,073,964,603 / BTC Dominance: 34.4%
Disclaimer:
this is not investment advice and I'm not a financial advisor, these are just my personal opinions.
I feel we may be seeing long term sideways movement for the next couple months!
that is also good possibility
At least it would be stable ;)
Good content. keep posting! :)
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But we do have to remember bit coin was around 1,000.00 a year ago, just perspective when we talk about big losses from 18,000 to 20,000
that is true but the cost of mining has climbed so high that BTC needs to hold its value at or above 6k in orders for miners to keep mining
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