• Advertise
  • Submit a Press Release
  • About Us
NewsBTC
Bitcoin & cryptocurrency news
Crypto.com Logo
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Play FinanceTry
  • Claim 7 BTCTry
No Result
View All Result
Breaking News: Bitfinex And Crypto Bank OrionX Forged Partnership To Broaden Presence In Latin America
  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play GamesTry
  • Play Casino GamesTry
  • Play FinanceTry
  • Claim 7 BTCTry
No Result
View All Result
Bitcoin News
No Result
View All Result
Breaking News: Bitfinex And Crypto Bank OrionX Forged Partnership To Broaden Presence In Latin America
Bitcoin price

Here’s Why the Bitcoin Price Could Soon Retest $11,000

Nick Chong by Nick Chong
3 years ago
in Bitcoin
Reading Time: 3 mins read

Over the past few hours, Bitcoin has undergone a strong bounce from its local lows at $9,800, trading at $10,300 as of this article’s writing. This $500 bounce marks a positive trend for an asset that has shed 20% in the span of four days.

Fortunately for bulls, a number of technical analyses indicate that Bitcoin has room to rally. This can be corroborated by the state of BTC futures markets, most of which are printing negative funding rates in a sign that bears are overconfident.

Related Reading: There’s an “Unusual” Amount of BTC Sellling Pressure From Miners

Bitcoin Primed to Bounce to $11,000: Here’s Why

Bitcoin is primed to bounce as signs of a short squeeze have built. One trader shared the chart below on Saturday. Referencing the chart, he suggested that Bitcoin was primed to retest $10,000 after falling as low as $9,800 during the brunt of the selloff:

“Some alerts went off so checking back in. This makes sense IF this area holds. Some squeeze signs building. That will get you the 50 MA retest and lines up with fibs and s/r. 11k’s first before lower in my view. This would also be in line with the weekly fractal.”

He proceeded to note that this bounce would be in line with another analysis of his that suggests Bitcoin will follow the path of the March correction.

Image

Chart of BTC's price action over the past few weeks with analysis by crypto trader CryptoISO (@Crypto_ISO on Twitter). Chart from TradingView.com
Related Reading: These 3 Trends Suggest BTC Is Poised to Bounce After $1,000 Drop

Not the Only Analysis Suggesting So

The analysis shared above is far from the only one suggesting Bitcoin is primed to bounce after a $2,000 correction.

Raoul Pal, the CEO of Real Vision and a Wall Street veteran, shared the chart below on September 3rd with the following message:

“In the post-Halving bull cycles, bitcoin can often correct 25% (even 40% + in 2017), throwing off the short-term traders (or giving swing traders a shot at the short side). Each of those was a buying opportunity. DCA opportunity ahead?”

Also optimistic is another technical analyst, who noted that the way in which Bitcoin’s weekly formation is currently set up suggests a further recovery is to be expected:

“$BTC funding and premium index reached the lowest it had been since March 19th yesterday… Except this time we’re retesting a multi-year S/R level with a confirmed bullish break in MS all the way up to the monthly chart…”

Image

Chart of BTC's macro price action with analysis by crypto trader HornHairs (@CryptoHornHairs on Twitter). Chart from TradingView.com

Analysts say Bitcoin will soon bounce. What comes after that, though, is currently anyone’s guess.

Related Reading: Here’s Why This Crypto CEO Thinks BTC Soon Hits $15,000
Featured Image from Shutterstock
Price tags: xbtusd, btcusd, btcusdt
Charts from TradingView.com
Here's Why the Bitcoin Price Could Soon Retest $11,000
Tags: bitcoin pricebtcusdBTCUSDTxbtusd
Tweet123Share196ShareSend
Nick Chong

Nick Chong

I am a writer who has been following Bitcoin for years now. My insights and interviews have been featured in leading publications in the industry such as LongHash and Decrypt. I own a small amount of Bitcoin.

Related Posts

Bitcoin (BTC)

Traders Act Fast As Binance Australia Unveils Bitcoin Discount For Limited Period

6 days ago
Bitcoin (BTC)

No All-Time High For Bitcoin In 2023, Former BitMEX Head Arthur Hayes Predicts

7 days ago
Bitcoin

Bitcoin Shows Recovery: Did This Historical Line Act As Support Again?

7 days ago
Bitcoin Core

Bitcoin Core 25.0 Hits The Market: A Sneak Peek Into The Future

7 days ago
Bitcoin (BTC)

JPMorgan Predicts Bitcoin (BTC) To Revisit $45,000, Here’s Why

1 week ago
Bitcoin

Bitcoin Exchange Inflows Mostly Coming From Loss Holders, Weak Hands Exiting?

1 week ago

Premium Partners

Play Finance

Now Trending

  • Potential 20x+ Crypto Presales 2023

    4 days ago
  • Willing to buy new crypto: Here are the best 10...

    5 days ago
  • Best Crypto Meme Coin Presales in 2023

    5 days ago

Top Casinos

BitStarz

BitStarz

Review · Visit
Punt Casino

Punt Casino

Review · Visit
Trust Dice

Trust Dice

Review · Visit
mBit

mBit

Review · Visit

Sportsbooks

1xBit

1xBit

Review · Visit

Press Releases

  • Sphere Financial Inc: Transforming the World of Finance...

    12 hours ago
  • As Pepe (PEPE) Hype Becomes History, DigiToads (TOADS)...

    16 hours ago
  • InQubeta (QUBE) Could Overtake Aave (AAVE) in Market Cap...

    16 hours ago
  • AI Analytics: SingularityNET, Ripple, and The Sandbox Top...

    17 hours ago
  • According to experienced traders, Aave (AAVE) and InQubeta...

    21 hours ago

About Us

NewsBTC is a cryptocurrency news service that covers bitcoin news today, technical analysis & forecasts for bitcoin price and other altcoins. Here at NewsBTC, we are dedicated to enlightening everyone about bitcoin and other cryptocurrencies.

We cover BTC news related to bitcoin exchanges, bitcoin mining and price forecasts for various cryptocurrencies.

Cryptocurrency news

  • Bitcoin
  • Ethereum
  • Ripple
  • Chainlink
  • Cardano
  • EOS
  • Tezos

Technical Analysis

  • Bitcoin (BTC)
  • Ethereum (ETH)
  • Ripple (XRP)
  • Chainlink (LINK)
  • Cardano (ADA)
  • Tezos (XTZ)

Company

  • Advertising
  • Comments Policy
  • Privacy Center
  • Sitemap
  • About Us
  • Contact

© 2023 NewsBTC. All Rights Reserved.

  • News
    • Bitcoin
    • Ethereum
    • Cardano
    • Dogecoin
    • Ripple
    • DeFi
    • NFT
    • Sponsored
    • Press Releases
    • Research
  • Analysis
    • Bitcoin (BTC)
    • Ethereum (ETH)
    • Cardano (ADA)
    • Chainlink (LINK)
    • Litecoin (LTC)
    • Tezos (XTZ)
    • Zcash (ZEC)
    • EOS
    • YearnFinance (YFI)
  • Learn
    • Trading Course
  • Directory
    • Crypto Businesses
    • Bitcoin Brokers
    • Casinos
    • Sportsbooks
    • Categories
  • Events
  • Play Games
  • Play Casino Games
  • Play Finance
  • Claim 7 BTC

© 2023 NewsBTC. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.