The ral cryptocurrency Bitcoin (BTC) traded sideways throughout the week as it struggled for over $ 9,000. According to a cryptocurrency analyst, there was not much change in the price movement, but the fixed side move is another indication that Bitcoin may be higher than this point.
Experts observed that the lateral movement, which keeps Bitcoin under $ 10,000, could potentially start a forward bull run. Similarly, since lateral movements are often as risky as promising, prices can follow a downward trend.
Bitcoin (BTC) At An Important Threshold
Lateral movement, also called the horizontal trend, often occurs when buyers and sellers go to a balance. This is a sign that consolidation is just around the corner and Bitcoin may retest previous low levels or head for a price drop.
However, the latter is more likely to happen based on recent events. Bitcoin is trading at the highest monthly price range of $ 9,450 to $ 9,200. Since Bitcoin found support at $ 9,100 level, light bull wrapping patterns go side by side. If the bulls stay strong in this range, Bitcoin could continue to trade at $ 9,500. In a situation where the bulls are responsible, the previous resistance levels seen earlier in June can be reached once again. If Bitcoin loses momentum, BTC may run the risk of testing the price range from $ 6,000 to $ 7,000.
Bitcoin (BTC) Price Can See Correction
Another trader said that this transaction was the second time that Bitcoin successfully passed through Hash Ribbons. The Hash Ribbons indicator is a price indicator that usually reports the status of the Bitcoin network and is obtained by weighing the long and short term moving averages of Bitcoin.
The formation of this price indicator implies that the bull run is just around the corner, as another cryptocurrency analyst says. While this is met with controversial responses from other analysts, “John Moe”, one of the best Bitcoin price analysts on Twitter, predicts that the indicators pointing to big sales may lower prices to $ 6,000.
Meanwhile, the altcoin season seems to have slowed down a bit. Against Bitcoin, analysts have confirmed that altcoin price performance is promising despite a slight decline. Regardless, we can see that Bitcoin traded in a favorable environment and reached over $ 10,500 in July.