Bitcoin Price Takes A Deep Dive But Strives To Stay Above $10k. What’s Next For Bitcoin?

Bitcoin Price Takes A Deep Dive But Strives To Stay Above $10k. What's Next For Bitcoin?

Bitcoin has dipped in the past few hours, placing the virtual asset’s price slightly above $10,000. The daily chart, technical indicators, and market sentiment are not currently in favor of Bitcoin. A combination of all these reveals that soon, Bitcoin could tank below the $10,000 zone it has held onto so dearly for the past few days.

Bitcoin Struggles to Maintain $10,000 Price Level

Bitcoin’s price, as of press time, is $10,096, which is a 4.96% decline in the past 24 hours. The percentage dip in price is even lower when consideration is given to its value over 24 hours ago. For instance, at 00.04 UTC +01:00, which is the start of today, Bitcoin was valued at $10,823. A comparison between its price earlier today and its current price shows that Bitcoin dumped by 6.18% within a few hours.

Bitcoin Price Takes A Deep Dive But Strives To Stay Above $10k. What's Next For Bitcoin?
BTCUSD Chart By TradingView

On the other hand, the gains which were recorded last week have tanked with the most recent decline. As of August 20, 2019, Bitcoin had surged to a day-high of $10,947. This increment had restored hope that it could spike higher after falling from its $11,000 price level on August 13, 2019.

Bitcoin’s 4-hour Chart and Technical Indicators Show Bearish Sign

In the same vein, the Bitcoin 4-hour chart is not saying something different, and neither are technical indicators. Despite its consolidation in the past two days, when Bitcoin reversed from its $10,800 price level, there was also a retracement from the horizontal triangle’s 50-days moving average line and 4-hour descending trend-line.

Also, Bitcoin seems to be making lower highs instead of higher lows, which is a bearish pattern. The $10,800 zone has been critical resistance for it; however, its support currently lies around the $9,800 and $10,150 region. Bitcoin’s short term chart is also outlining a 100-days moving average line and 4-hour ascending trend-line.


Bitcoin Could Retrace to $9,600 and $9,300 Levels or Even Lower

If either of this support ($9,800 and $10,150 ) fails to hold, then there’s no saying that it won’t retrace further to the $9,600 and $9,300 zones. Thus at the moment, there are concerns if the asset can maintain its $9950 to $10,000 support which had been evident in most of August or it could take a deep dive down to the $8800 and $8500 levels.

The crypto community have also taken a look at these charts and noted Bitcoin’s declining volume and the rejected retrace at the 50% Fibonacci extension level. From their perspective, this could be a repeat of November 2018. Others are, however, of the opinion that it is yet another time to buy the dip because the next surge might be the much-awaited bull run.