Yesterday’s market update suggested a continuous dip in line with analysts affirmation that Bitcoin may retest prior support levels after crawling back down below the $10,000 mark.
The possibility of Bitcoin taking a downtrend to as low as $8,000 and below was not blind speculation as the past few weeks have shown that the bears are taking charge of price action.
And although the big bull could still continue its decline, an unexpected upswing within the last 6 hours has shot Bitcoin’s price to its current trading price of $10,095 at press time, with nearly 4% in gains against the USD.
The game-changer was a long-standing bullish reversal pattern as shown by Bitfinex’s trading chart, where buyers pushed price all the way up to $10,185, nearing resistance levels of $10,200. Prior to this major upswing, BTC was dragged all the way down to $9,534, shortly after, at around 19:00 UTC, price corrected with a bullish formation that pushed it back up above the $10,000 mark.
With the second half of the year closing in, the cryptocurrency market is anticipating a possible replay of its 2019 all-time high of $13,380 back in June. Although this is nowhere near BTC’s overall high of $20,000 back in December 2017, the rest of 2019 could be a game-changer for the big bull which in comparison to two years ago has dropped by more than 20% in both price and market capitalization.
While some Economists believe that this decline has more to do with BTC not having any intrinsic value, crypto-users are of the opinion that adaptability and regulatory policies are suppressing BTC’s overall growth.
With more and more Millenials pouring into the cryptocurrency space and more institutional investors investing greatly in both cryptocurrencies and its futures, the reaffirmation that cryptocurrency is here to stay has never been more pronounced than this.