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Home Cryptocurrency news Bitcoin

Bitcoin Price at $10,000 is in Danger As Bulls Begin to Lose Support

Tony Spilotro by Tony Spilotro
1 year ago
in Bitcoin, Cryptocurrency news
Reading Time: 2min read
Bitcoin Price at $10,000 is in Danger As Bulls Begin to Lose Support
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Bitcoin has been struggling to regain the bullish momentum its enjoyed for the bulk of 2019. Ever since December 2018 when Bitcoin price bottomed, it has mostly been on an upward ascent until it met former bear market resistance at $13,800 and it resulted in a nasty rejection and flash crash that put the entire parabolic rally on ice.

Today, Bitcoin price dipped below $10,000 after bull lost daily and weekly support at around $10,185 but paused briefly at $9,800 before falling any lower. Will Bitcoin bull reclaim $10,185 and make an attempt higher? Or will $9,800 break and see a restest of lows around $9,200, and possibly even lower in the coming days ahead?

Bitcoin Price Struggles to Maintain Support at $10,000, Bulls Losing Strength to Bears

Bitcoin bulls have been not only breathing a sigh of relief now that Bitcoin is once again in the five-digit territory – a far cry away from its bear market lows around $3,000, that put real panic in the hearts of crypto traders and investors who feared the worst was ahead.

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But Bitcoin bounced, and it brought the first-ever crypto-asset well above $10,000 to $13,800 where it was rejected by former bear market resistance and has struggled ever since to make another attempt at breaking above it.

Now, Bitcoin is struggling to even maintain $10,000, the important resistance that was supposed to act as a FOMO trigger taking the crypto asset to new highs. It did incite some FOMO, but not enough to get Bitcoin to revisit its previous all-time high of $20,000 it set back in December 2017.

Will Bulls or Bears With the Battle for BTC and Its Short Term Trend Future

Most are in the long-term extremely bullish on Bitcoin. Many expect the crypto asset to eventually reach prices of $100,000 to as much as a million per BTC. But irrational exuberance also permeates throughout the crypto industry, and crypto enthusiasts often let their imagination and speculation get the best of them.

Clearly, Bitcoin is at an impasse in terms of trading, and whichever direction is finally chosen could set the trend for the short- and medium-term.

$BTC looks to be creating lower-highs and lower-lows on the daily chart

Marked are the open and support areas based on the weekly chart with previous support possibly flipping to resistance

If confirmed, watching the next weekly support at $8975 as a potential target pic.twitter.com/yG2WO2yrzX

— Josh Rager ? (@Josh_Rager) July 23, 2019

If Bitcoin were to break below $10,000 with strength, taking out $9900 and $9800, a retest of where it bounced in recent days at $9,200 would be retested, as well as potential weekly support at just under $9,000.

If Bitcoin can reclaim weekly support turned resistance at $10,200, it could make a run toward $10,500 or higher, where the weekly candle opened on Sunday night. A break above that could have Bitcoin trying for $11,000 or retrying to incite a bull run above where the major rejection happened.

Related Reading | Regulatory Pressure Amidst Libra Crypto Controversy Hasn’t Shaken BTC Bulls 

These are critical times for crypto, and while that’s commonly said in the past, the latest regulatory pressure has changed the market dynamics and could create an environment for real fear and panic in the coming days, which would surely have a strong effect on Bitcoin price.

Featured image from Shutterstock
Tags: bearsbitcoinbullscryptoJosh Rager
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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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