Bitcoin Buyers Exhausted: Is This a Pause Before the $10,000 Push?

Dalmas Ngetich

Last Updated: June 11, 2024 1:43 pm

2 mins read

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BTC is weak, down 6.1 percent
Real FOMO is after BTC blast past $10,000 according to Tom Lee

After two months of higher lows and higher highs, BTC bulls are exhausted. In the last day, the asset is down 6.1 percent. As bears press lower, it is likely that prices will crumble to $7,500 or worse in an inevitable correction.

Bitcoin Price Analysis

Fundamentals

There is a market-wide price dump, and understandably so, Bitcoin is undergoing a correction. Like most high liquid crypto assets, BTC is registering losses. Earlier today, the world’s most valuable asset fell, shedding 6.1 percent. The flash dump saw BTC lose $700 in roughly two hours.

Accompanying this price recalibration was a spike in trading volumes. Although market participants are technically bullish in expecting BTC to shake off sellers, the uptick in participation countering the main trend reeks of weakness.

Because of this, BTC may crumble, hurting traders with lofty targets that are eyeing the key $10,000 level. But then, according to Mike Novogratz and several analysts who have looked to dropping trading volumes and Bitcoin’s consolidation potential, today’s retracement reaffirms their doubts.

As a result of this, the odds are, many will end up their long positions in a panic, therefore withdrawing liquidity and fracturing the market.

Candlestick Arrangement

At the time of press, Bitcoin (BTC) is changing hands below the $8,000 mark. Meanwhile, prices are down 6.1 percent from yesterday’s close. Although traders are optimistic, it appears as if bears are back in full force. Accompanying yesterday’s loss were high trading volumes. Furthermore, yesterday’s candle was wide-ranging with the resulting candlestick closing below the middle Bollinger Band (BB).

For the last few months, the middle Bollinger Band (BB) was flexible support. As such, this breach could dent buyers’ momentum following a consolidation below $8,500 in the previous week of May.

Besides, traders should also note that the June 3rd candle did, in part, confirm the selloff on May 30th. Therefore, in a bear confirmation, yesterday’s drawdown will likely trigger a correction towards $7,500, $6,600, and potentially even worse, the $5,600 range in a bearish retrace.

Technical Indicators

In light of the above, May 30th bear candle anchors this trade plan. As mentioned above, it is broad and it from there that BTC prices are oscillating in. Apart from that, the bar has high trading volumes of 31k against 19k of May 26^thand yesterday’s 16k reading.

Since BTC is correcting, any drop below $7,500 or surge above $8,500 should preferably be at the back of high trading volumes exceeding 31k of May 30^th.

Chart courtesy of Trading View. Image Courtesy of Shutterstock

Dalmas Ngetich

Dalmas, a seasoned crypto reporter, brings a unique perspective to the industry. His specialization in NFTs, blockchain, DeFi, and blockchain news for NewsBTC, combined with a background in mechanical engineering and over a decade of experience in journalism, has allowed him to craft over 10,000 news and feature articles over the past eight years. His diverse range of topics, including technology, Forex, and finance, reflects his comprehensive understanding of the crypto landscape.

His technical expertise and analytical skills have been recognized and featured by leading news outlets such as Investing.com, CoinTelegraph, Entrepreneur, Forbes, and other authority sites. Notably, he broke key news, including the Ripple and MoneyGram partnership, cementing his position as a thought leader in crypto.
The news exploded. Over 100,000 people devoured this meticulously crafted report, from seasoned investors to curious newcomers. His analysis wasn't just dry facts and figures; it crackled with insight, dissecting the implications of the partnership and its potential impact on the future of finance.

His deep understanding of the financial markets, technological advancements, and blockchain developments has made him a respected voice in the industry.

Dalmas is also the founder of BTC-Pulse, a crypto news site, further demonstrating his commitment to the field. He firmly believes that DeFi and NFTs are here to stay and will continue to drive financial inclusion.

Coming from Nairobi, Kenya, it is easy to see the source of his inspiration: Across Africa, millions lack access to traditional banks. Remote villages, limited documentation, and high minimum balances create insurmountable barriers.

DeFi, not just Maker or Aave, for example, but think of Bitcoin and USDT, cuts out the middleman. Forget banks with their limitations.
Even so, DeFi isn't a magic solution. The continent still struggles with reliable internet access, and educational campaigns highlighting the benefits of this wonderful solution are insufficient. Moreover, even for those interested, understanding DeFi can look like learning a new language.

Dalmas is here to help make the tech easy to understand and digestible, even for beginners.
The story of DeFi in Africa is still being written. Challenges abound, but the promise of a more inclusive financial future is a powerful motivator. With innovation and collaboration, Dalmas firmly believes that DeFi could become the key to unlocking Africa's full economic potential.
This possibility and its immense value motivate Dalmas to continue breaking key DeFi innovations and more across the globe. His engineering background further enhances his ability to deliver well-thought-out pieces that blend technical insight with clear, impactful reporting.

Beyond his professional achievements, Dalmas is deeply passionate about technology and politics. Policies drive adoption, and being at the forefront and keeping up with how they evolve is crucial for the sphere to mature.

When Dalmas is not closely monitoring the latest crypto events, he can be found in nature, exploring the picturesque countryside, and traveling with his family and friends. His love for adventure and discovery perfectly complements his investigative and reporting skills.
You can connect with Dalmas on X: @Dalmas_Ngetich, or contact him on Telegram @Dalmas_Ngetich.