Recently, Bitcoin’s price movement has been a bit discouraging for a few people. The number one coin which recently hit the $9,000 mark not only struggled with keeping up with that feat but has now dropped quite considerably. At the moment, Bitcoin sits not so pretty a little above $7,800, recording a loss of $200 within a few hours.
Analysis and Predictions
Based on the recent trajectory, Tradingview – a social network for traders and investors in the different financial markets – has shown an upper level for the asset at $8,000 with a lower level somewhere above $7,500 but below $7.600.
Josh Rager, a noted crypto trader, and investor has also given his 2 cents on the matter, with resistance levels slightly different from what is obtainable on Tradingview.
According to a tweet from Josh, Bitcoin’s resistance level is set at $8017. Josh has a somewhat optimistic view of the possibility of a significant rise if Bitcoin can successfully hit the said mark. The tweet explains that:
“With a close above here ($8017), it has a chance to then push and close above $8,200 which would be bullish to move to $8550’s.”
Josh also continues that “mid-channel is currently holding as support” before concluding his short analysis, putting the $7,600 mark as bearish”
Although he didn’t specifically say, we can conclude from his remarks that a fall below $7,600 would be an issue for the market’s largest coin as rising through that could be difficult.
How are the Altcoins Fairing?
For the most part, Bitcoin almost always drags the rest of the market – or at least the next 9 biggest assets – along with it as they have also experienced some loss, although nothing too catastrophic yet.
At the moment, Bitcoin SV is the biggest loser with a 5.02% loss and the smallest loser is Tether, losing only 0.17%. Litecoin also didn’t lose any recordings -1.74% as opposed to Bitcoin Cash’s (BCH) 3.48% loss.
Regardless of the losses, views are still generally bullish, especially in the long term. Recently, Tradingview’s Bill Charison stated the opinion that “every trend needs correction”, probably meaning that there isn’t much to worry about as the correction period is an expected phase.
It might also be worthy of note that the currently bland market trend was predicted by other analysts as a way for the market to correct itself especially when many were of the view that Bitcoin was overbought.