RATE Group | Bitcoin’s Coming Decisive Price Movement
78005
post-template-default,single,single-post,postid-78005,single-format-standard,ajax_fade,page_not_loaded,,qode_grid_1300,side_area_uncovered_from_content,footer_responsive_adv,qode-content-sidebar-responsive,qode-child-theme-ver-1.0.0,qode-theme-ver-13.3,qode-theme-bridge,wpb-js-composer js-comp-ver-7.9,vc_responsive
 

Bitcoin’s Coming Decisive Price Movement

02 Feb Bitcoin’s Coming Decisive Price Movement

Posted at 20:19h in Cryptocurrency News by

[ad_1]

Bitcoin is sitting at a make-or-break point. This coming week BTC will decide whether to continue its bullish trend or pullback.

A Pivotal Point on Bitcoin’s Trend

Bitcoin entered a bull rally on Jan. 3 that has seen its price rise by nearly 40%. The flagship cryptocurrency went from trading at a low $6,900 to a high of $9,550 on Jan. 30. Since the peak, BTC began a consolidation phase without a clear sign of where it is heading next.

According to Josh Rager, a cryptocurrency trader and the co-founder of Blockroots, the recent price rejection off of the $9,500 resistance level could trigger a steep correction. A spike in the selling pressure behind BTC could push its price down to $8,800 or $8,700 before the bullish trend continues.

Rager believes that a break below this support level could cause panic among investors, sending Bitcoin down to $8,000 or $7,900.

Josh Rager Bitcoin Chart
Source: Josh Rager on Twitter

Despite Rager’s assessment of a retracement, Big Chonis, a stock and cryptocurrency trader with…

[ad_2]

Source link

Tags:
, , , ,