Bitcoin is Entering the Weekend Taking A Breath on the 13th
Bitcoin is entering the weekend, taking a breath on the 13th (local time) psychologically important $16,000.
Bitcoin broke the resistance of $16,000 in New York time on the previous day, and advanced close to $16,500 on the day before, peaking, and then partially reduced the rise. However, it looks like it is trying to build above $16,000 without a steep price retreat. The main short-term spectator point has emerged as Bitcoin’s ability to turn the former strong resistance line of $16,000 into a strong support line.
Bitcoin pointed to $11,162.16, up 0.97% from the previous 24 hours at the coin market cap at 4:6 pm on the 13th of New York time. Bitcoin’s peak in the last 24 hours was $10,6463.18, and its low was $15,993.15.
With regard to the future movement of Bitcoin, the view prevails that favorable conditions are being prepared for the challenge of an all-time high. The increasing interest of institutions in Bitcoin, demand ahead of supply, strong atmosphere in the futures market, and continued acceptance of Bitcoin by mainstream companies and famous investors such as PayPal are pointed out as a source of energy necessary for the continued rally of Bitcoin. The recent trend of increasing transaction volume is also positive.
The lack of serious technical resistance from the current level to the all-time high (about $20,000) recorded in December 2017 is also a factor inspiring Bitcoin bulls. Guy Hershey, managing director of the trading platform eToro, told CoinDesk that “if Bitcoin can build a foundation in the early $16,000 range, there is no big resistance in the process of going beyond $17,000 and beyond.” .
It is undeniable that Bitcoin’s macro environment is positive, but there are many opinions that it will undergo some adjustments or strengthening in the short term. This is because Bitcoin’s technical indicators are maintaining a strong trend, but at the same time sending signals of overheating.
According to NewsBTC, Bitcoin’s position on the 5th/10th/20th MA on weekly and monthly charts indicates overbought. Indicate the possibility of adjustment. The emergence of arbitrage at the current level and the possibility of rotation of funds from Bitcoin to other assets cannot be ruled out. Cointelegraph notes that historically, Bitcoin has undergone a correction after a strong rally.
Cryptocurrency analyst Kevin Svenson predicted through Twitter that bitcoin will advance to $17,000 to $18,000 and then turn to a downtrend, hurting FOMO buyers.
However, even if Bitcoin undergoes an adjustment, the prospect that there will be no significant retreat in the current flow is also convincing. In an email sent to CoinDesk, George McDonough, managing director of cryptocurrency investment firm KR1, said in an email to CoinDesk that the volume of transactions from the past $16,000 to $20,000 was relatively small. Therefore, it was predicted that Bitcoin holders would not sell until Bitcoin reached a new all-time high.d… Bitcoin $16,230
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Bitcoin is Entering the Weekend Taking A Breath on the 13th - /10