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Home Cryptocurrency news Bitcoin

Fireworks Expected as Bitcoin Breaks Below $11,000 Ahead of Holiday Weekend

Tony Spilotro by Tony Spilotro
2 years ago
in Bitcoin, Cryptocurrency news
Reading Time: 2min read
Fireworks Expected as Bitcoin Breaks Below $11,000 Ahead of Holiday Weekend
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After a strong rejection at $14,000, Bitcoin’s parabolic rally has been cut short, and the leading crypto asset by market cap is taking a much needed pause and correction after bringing investors over 300% gains since the start of 2019. But after a flash crash stopped the rally in its tracks, Bitcoin price has been setting lower highs and the market is consolidating ahead of the next major move, and fireworks are expected when it finally happens.

Since weekends often provide little liquidity, it also provides an opportunity for whales to cause extreme price movements in either direction once the order book is cleared out. Holidays also have this effect, and with Bitcoin breaking below $11,000 ahead of the Independence Day holiday weekend when many families are traveling and on vacation, the crypto asset is at high risk of being sent back down to retest lows for support.

Bitcoin Price Drops Below $11,000 Just Ahead of Holiday Weekend

A new study revealed that holidays provide large capital players with the opportunity to easily move prices, and it’s allowed Bitcoin price to soar on recent the notable dates.

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Related Reading | Research Shows That Holidays Cause FOMO Fireworks in Bitcoin Price Charts

However, on Independence Day this past July 4th, Bitcoin price fell over $1,000 from a high of above $12,000 to below $11,000 at the time of this writing, and it could be an omen to the price action in the coming holiday weekend.

All across the United States, families and businesses go on vacation, unwind, and celebrate he nation’s biggest holiday. It’s prime travel time, and a rare opportunity for laser-focused traders to take a break from staring at price charts and catching some rest and relaxation instead of falling knives.

Those that aren’t watching Bitcoin price charts closely may miss an explosive move that sets the trend for the coming weeks and potentially months.

Bitcoin has been said to be on its next bull run by most crypto analysts, however, some do suggest that a pullback and retest of former lows would not only be healthy for Bitcoin, but mandatory for the next bull market to be a long and prosperous one for investors of the emerging asset class.

Related Reading | Two Long-Term Bulls Butt Heads Over Short-Term Bitcoin Price Direction

If Bitcoin breaks below the previous low of $9,600, lows between former resistance turned support at $6,000 up until the former low could be retested. On the flipside, if the leading crypto by market cap rises above $13,800 and goes straight through the resistance at $14,000 that caused a massive flash crash, Bitcoin will be well on its way to setting a new all-time high in no time and recapturing the interest of the mainstream public once again.

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Tags: bitcoinbitcoin pricecryptoholidaysindependence dayunited states
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Tony Spilotro

Tony Spilotro

I'm Tony Spilotro. Behind the pseudonym, I'm a digital media executive and global remote work leader with a decade of content experience and excellent. Here, I explore my newfound passions pertaining to privacy, finance, economics, politics, cryptography, property rights, and other libertarian-esque views. I am a Bitcoin evangelist, maximalist, and educator whenever I can be, helping to spread its message of freedom from government control, monetary policy mismanagement, and passing the buck - literally – to future generations. My journey from a curious retail crypto investor to a serious Bitcoin advocate, trader, and technical analyst is an unusual one, but life-changing nonetheless and has become less about money and more about a long-overdue revolution. While a firm believer in the laws governing math and science, I am profoundly fascinated by the impact of astrology and astronomy including moon and solar cycles and planetary alignment and their ability to influence and potentially predict markets. It hasn't yet clicked for me as to how to put anything to use, but I consider it my current rabbit hole I can't yet dig out of. My perspective of growing up alongside the internet, the dot com era, the Great Recession, and roots in video games collecting coins and rare items caused Bitcoin to immediately make sense to me. Through all of these lenses, I seek to produce content that is educational and entertaining, and I thank you sincerely for taking the time to read what I have to say. Please follow me on Twitter and feel free to drop me a line if you would like to work together.

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