The Bitcoin appears to be range bound between $9.7K-$9.9K, as the alts are having a mini party, with many altcoins signalling green and marking double digit gains. The premier cryptocurrency in the world is currently trading near $ 9.9K mark and the indicators are signaling a strong buy signal. It has been relatively stable around the $9.5K-$9.9K for the last week.
Bitcoin hasn’t seen any major price action, after the highly significant third halvening event. However, past halvening events were also followed by a long period of stable prices and accumulation period. Judging by past halvenings, it can take Bitcoin upto 2 years, to achieve new all time high. The on-chain data reveals that 80% of the addresses are in the money (making profit), 8% at break even and only 12% in loss.
Bitcoin Price – Technical Analysis
The Bitcoin charts reveal that the prices don’t show any positive signs of significant uptrend, after facing rejection $10.4K earlier. The supports are currently at $9.5K, passing which the crypto-asset can hold on $9.3K and $9.1K. The general outlook is bullish, supported by both 50 and 100 MA metrics, however a break above psychological barrier of $10.1K is required to confirm continuation of bullish rally.
There is significant resistance at $9.9K, crossing which the crypto-asset would have to pass barriers on $10K and then $10.1K. The traders are likely to benefit from maintaining long positions, according to Trading view trader @stevenmcote, who shared the following chart, marking the resistance and support lines.
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Disclaimer: The authors of this website may have invested in crypto currencies themselves. They are not financial advisors and only express their opinions. Anyone considering investing in crypto currencies should be well informed about these high-risk assets.
Trading with financial products, especially with CFDs involves a high level of risk and is therefore not suitable for security-conscious investors. CFDs are complex instruments and carry a high risk of losing money quickly through leverage. Be aware that most private Investors lose money, if they decide to trade CFDs. Any type of trading and speculation in financial products that can produce an unusually high return is also associated with increased risk to lose money. Note that past gains are no guarantee of positive results in the future.
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