Right after dropping to as little as $11,217.45 earlier this morning, the digital currency has been trading between $11,200 as well as $11,500, additional CoinDesk figures show.
In light of the cryptocurrency’s recent retracement, a number of analysts offered some perspective on where the price of bitcoin will probably go following.
[Ed note: Investing in cryptocoins or perhaps tokens is tremendously speculative as well as the current market is primarily unregulated. Anyone considering it should be well prepared to lose their whole investment.]
“If $10k is actually broken we may envision a genuine downtrend,” he stated.
“But as long as the price stays around current amounts, bullish sentiment is apt to prevail.”
Kiana Danial, CEO of Invest Diva, also weighed in, talking to potential bearish price action for the cryptocurrency.
“$11,235 is the neckline of the head as well as shoulder chart pattern Bitcoin is actually being developed at the moment,” she stated.
“A confirmation of a break below this amount may open doors for even more drops towards $10,400,” additional Danial.
“Otherwise, we will count on the BTC/USD pair to consolidate between $12,400 as well as $11,235 until it locates a new direction,” she mentioned.
Jon Pearlstone, publisher of the newsletter CryptoPatterns, also chimed in.
“Bitcoin reversed yesterday’s gains with effective volume and is today under yesterday’s closing price,” he reported.
“These are usually signs of price rejection that often take much more great corrections,” stated Pearlstone.
“That said price is still well above essential resistance levels,” he added.
“Important levels of support to enjoy on the present pullback are actually $10,500 and $9,500,” said Pearlstone.
“Price could fall much further if we see $9,500 rest with effective volume, but until the opposition levels break down convincingly, Bitcoin will continue to consolidate within the range.”