Bitcoin in critical range
After the rebound at the 12000 USD mark, the No.1 crypto currency experienced a real attack of weakness in the previous week. In a rush, the market leader fell south by over 1500 USD. As a result, unsettled investors withdrew billions from the market. After the comeback of the volatility, the Bitcoin could go even further down in the next few days if the bears break through the magic barrier in the long run. We take a look at the possible scenarios.
Bitcoin below 10000 USD
On Tuesday the leading crypto currency falls below the 10000 USD mark after a long struggle. At the time of this article, the BTC price on the Major Exchange Binance is at 9975 USD, which is a daily minus of 0.44 %. Should the bears confirm this downward trend in the coming hours, the next supports are at 9800 USD and 9600 USD. However, we saw just under 6 weeks ago how unstable these support lines are.
Psychological border collapses
In addition to the charttechnical view one should consider the aspect of the FUD (fear, uncertainty and doubt). The 10000 USD mark is regarded as the psychological limit. A durable case into the four-digit USD range could ensure for the fact that ever more “weak hands” repel their Coinbestände. Due to the increasing volatility, security and trust is dwindling for many investors.
Bitcoin soon at 8100 USD?
After falling below the magic mark, some analysts believe an enormous dump is likely. In an article from bitcoinist.com, one trader argues that a dip below the 10000 USD mark and a fall below the 200 day average could open the gates for a dump up to around 8100 USD. On the other hand, the current chart trend could be related to futures trading. Thus, several traders assume that the current price slide will fill the “CME gap” at 9600 USD.
All eyes on the first mover
The Crypto-Space turns its eyes to the No.1 crypto currency. This is illustrated by a Bitcoin Dominance Index of 57.4%. All Altcoins share a market share of 42.6%. It is therefore considered likely that the alternative assets will follow Bitcoin in the coming hours. On Tuesday, TRON (+ 11.29%), Dash (+ 9.36%) and Flexacoin (+ 12.98%) are the most prominent. Ethereum currently holds the level at USD 336. After reaching its high for the year, the Smart Contract-Coin dropped sharply in the previous week. Without question, eventful hours await us!