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Home Cryptocurrency news Bitcoin

Bitcoin’s Uptrend Could End if It Stays Below $10,000; Here’s Why

Cole Petersen by Cole Petersen
8 months ago
in Bitcoin, Cryptocurrency news
Reading Time: 2min read
This Chart Suggests Ethereum May Be Exiting a Bullish Accumulation Phase
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Bitcoin’s overnight swing to highs of over $9,900 has led the cryptocurrency to enter a firm bout of sideways trading that has persisted throughout the past day.

The cryptocurrency’s market structure has been bolstered by its ability to find some stability in the mid-$9,000 region despite the multiple rejections it has faced at $10,000.

Analysts are now noting that the next weekly candle close is likely to define which direction it trends in the weeks and even months to come.

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One trader is even going so far as to note that a failure for it to close this candle above $10,000 could result in a dire decline that leads it into the lower-$8,000 region, forcing BTC to erase much of its recent gains.

Bitcoin Continues Consolidating as Bulls Vie to Break $10,000 Resistance

Yesterday evening, Bitcoin began inching higher. This movement ultimately resulted in an upswing that led the benchmark cryptocurrency to highs of just under $10,000.

BTC then lost its momentum and began declining, ultimately finding some significant support around $9,400 that slowed its drop.

From this point, BTC has once again found itself caught within its long-held trading range between roughly $9,500 and $9,800, currently trading up marginally at its current price of $9,730.

Nik Patel, a prominent cryptocurrency analyst, spoke about the benchmark digital asset in a recent blog post, explaining that the cryptocurrency could be well-positioned to push higher if it is able to close above $9,970 in the coming couple of days.

“If it closes above $9970, I’d expect expansion to the upside. Until then, it’s primarily a case of sitting tight, although the reaction off the 200-day moving average and close back above trendline resistance does mean that I favour more upside over the coming weeks,” he noted.

Bitcoin
Image Courtesy of Nik Patel

If this level is firmly surmounted, BTC will likely face some resistance at $10,100 and $10,500.

BTC Could See a Major Decline if It Fails to Close Weekly Candle Above $9,970 

Patel further emphasized the importance of the $9,970 level, explaining that an inability for it to close above this level prior to its weekly close this coming Sunday could open the gates for a major decline.

He even notes that Bitcoin could fall as far as $8,160 until it finds any notable support.

“If that candle closes below $9970, I’d expect the following week to be bearish with a move down to $8160.”

If this potential decline does occur, Bitcoin would then be trading at lows not seen since late-April. This could invalidate its bullish market structure and open the gates for the cryptocurrency to see even further losses.

Featured image from Unplash.  
Tags: bitcoinbtcbtcusdBTCUSDTxbtusd
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Cole Petersen

Cole Petersen

Cole is a cryptocurrency analyst based in Los Angeles. He studied at the University of California Irvine and has been interested in Bitcoin and the crypto markets since 2013.

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