After dropping to as few as $11,217.45 before this morning, the digital currency has been trading between $11,200 as well as $11,500, supplemental CoinDesk figures show.
In light of the cryptocurrency’s recent retracement, multiple analysts offered some perspective on where the price of bitcoin will likely go next.
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“If $10k is actually broken we could visualize a real downtrend,” he reported.
“But as long as the price remains around existing amounts, bullish sentiment is likely to prevail.”
Kiana Danial, CEO of Invest Diva, also weighed in, talking to potential bearish price action for the cryptocurrency.
“$11,235 is actually the neckline of the head as well as shoulder chart pattern Bitcoin is developing at the moment,” she stated.
“A confirmation of a rest below this amount can open doors for further drops towards $10,400,” additional Danial.
“Otherwise, we could count on the BTC/USD pair to consolidate between $12,400 and $11,235 until it discovers a brand new direction,” she reported.
Jon Pearlstone, publisher of the newsletter CryptoPatterns, also chimed in.
“Bitcoin reversed yesterday’s benefits with intense volume and is now below yesterday’s closing price,” he stated.
“These are frequently signals of selling price rejection which usually transport more considerable corrections,” said Pearlstone.
“That said pricing is still well above vital opposition levels,” he added.
“Important levels of support to watch on the present pullback are actually $10,500 as well as $9,500,” stated Pearlstone.
“Price could fall a lot further if we see $9,500 break with effective volume, but until the resistance levels break down convincingly, Bitcoin will continue to consolidate inside the range.”