For Bitcoin (BTC) and the rest of the cryptocurrency market, the past few days have been pretty tough, and the bears have pushed BTC down to the $ 10,000 level.
The support level just below this price zone was very important, and this level of support was able to return the leading cryptocurrency back to the mid-$ 10,000 level. In the meantime, however, the bulls and bears ran into an impasse, and Bitcoin consolidated as it tried to gain a clearer direction in the near term.
A popular analyst said in a statement that the whales are trying to add to BTC positions in the $ 8,000 zone. This is considered as a sign that Bitcoin may retreat into the $ 8,000 zone in the coming weeks.
As Bitcoin has dropped significantly in the last few days, there has been a decline in altcoins following it. For this reason, many investors suffered losses and millions of dollars of liquidity occurred in cryptocurrency exchanges. Should a drop happen recently, as the analyst said, it could be a disaster for investors who are already at a loss. Therefore, it is beneficial for investors to take precautions against a possible bad situation.
The basic metric that will determine where the next trend will head may depend on whether the bulls can get back $ 11,000. Because this level has served as a strong support for the leading crypto currency before.
Existing data suggest that whales will buy at lower levels before Bitcoin climbs higher.
BITCOIN SHOWS SIGNS OF WEAKNESS
As of writing, Bitcoin is being traded at $ 10,424. This corresponds to the price it has traded for the last 24 hours. After the intense sell seen yesterday morning, BTC managed to stabilize some level in the current price zone and sellers have not yet tested the key support level of $ 10,000. However, if buyers can’t push Bitcoin above $ 11,000, we’ll likely see lower levels.