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Breaking News: Fed Holds Interest Rates Steady, Bitcoin Awaits Trend Reversal Above $27,000
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Bitcoin Price Rejected From $10K, Or the Start of a Bullish Reversal?

Tony "The Bull" by Tony "The Bull"
4 years ago
in Bitcoin, Cryptocurrency Market News
Reading Time: 3 mins read

This morning, July 31, 2019 Bitcoin price soared from lows around $9,500 to a local high of $10K before the leading crypto asset by market cap took a short pause.

Bears have been in control ever since Bitcoin price was rejected from $13,800, and has struggled to maintain the bullish momentum it has had behind it since the early April rally first began. But Bitcoin price is also not going down without a fight from bulls, who may now be turning the tide if the push above $10K can be maintained.

Bitcoin Price at $10K: Bearish Continuation or Bullish Reversal?

Over the month of July, Bitcoin price has fallen steadily from its June highs near $14K. After a powerfully violent rejection that resulted in a flash crash that knocked out most exchanges, Bitcoin has struggled to revisit highs and continues to set higher lows and lower highs – the exact definition of a downtrend.

Related Reading | Bitcoin Historical Monthly Performance Could Shed Light on What’s Next for Crypto 

But as the first-ever crypto-asset appears to be on the ropes and flirting with further downside, bulls have begun to show signs of strength once again, and the push to $10K may be the beginning of a full-blown bullish reversal.

Weekly support at $9,400 may have proven too strong for bears to break through, and have given bulls the slight upper hand in recent days. However, Bitcoin will need to break and close above weekly resistance around $10,200 in order for the reversal to have the momentum that bulls will need to set a higher high and resume Bitcoin’s uptrend.

Pivotal Moment for The Short-Term Future of BTC and Crypto

Bitcoin price is clearly at a pivotal point. During the last bull market, corrections rarely exceeded a 30% drop, and each 30% drop resulted in roughly a 150% increase from each correction. With the current correction slightly over 30%, if Bitcoin sets a new high from here, it’s almost certain that a new bull run is confirmed and the price per BTC could reach a new all-time high in a matter of weeks to months.

The bearish scenario would have seen this small rejection at $10K to be the final blow to bulls who are floundering from the recent downtrend and sell pressure.

Related Reading | United States Regulators Begin Crack Down on Crypto and Bitcoin Crime 

Sell pressure has only picked up in recent days, following the massive rejection at $13,800. Since then, the United States government has come out in full force, making threats, negative statements, and rolling out stiff regulation across the crypto industry. The fear, uncertainty, and doubt have caused altcoins to capitulate, Bitcoin price to drop, and the entire market to come to a standstill as can be seen in trading volume dwindling.

Where Bitcoin price goes in the next week or so could define its trend for the remainder of the year. Will we see a new all-time high after the important FOMO trigger at $10K is breached again, or is that FOMO trigger now resistance and this was the last stand for worn-out bulls? only time will tell.

Tags: bearsbitcoinbitcoin pricebullscrypto
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Tony "The Bull"

Tony "The Bull"

Tony is the “always-on” Editorial Director and Head of Research at NewsBTC, leading a talented team of writers and editors across several different global time zones. Tony is also the founder of CoinChartist.io – an educational website focused on crypto trading. Partners include Elliott Wave International, TradingView, and more. Tony’s background includes an extensive, award-winning media production career and over fifteen years of publishing operations and management. In the past, Tony has founded several media websites and his content has been read billions of times. Past clients include the BBC, Fidelity, and many others. Tony "The Bull" is a level 3 CMT student (passed level 1 & 2), technical analyst, Bitcoin supporter, and avid speculator. He owns a python named Satoshi. Tony longs for the day when money is separated from the state. Tony is deeply fascinated by core market principles such as Elliott Wave Theory as they tie into mathematics like Fibonacci ratios. Market timing though DeMark indicators, Ichimoku, Gann tools, or Hurst Cycle Theory are also of key interest. Tony provides completely original content driven by exclusive, independent research. For more insights and education from Tony, check out his free TonyTradesBTC Telegram channel. Follow @TonyTheBullBTC on Twitter. You can also follow @CoinChartist_io on Twitter and subscribe on YouTube.

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