The bulls have stepped up this week, so Bitcoin is trying to jump over the $10,000 mark. This price level has been a “tidbit” for the past 8 months. The flagship cryptocurrency was already approaching the $10,000 figure, but met significant resistance here, so the price turned back.
Now cryptanalysts are optimistic about the market behavior of Bitcoin, as bullish impulses demonstrate strong stability. It should also be noted that the forecasts of some experts regarding the fall in the price of Bitcoin after the halving did not materialize. On the contrary, halving the remuneration stimulated the growth of demand for Bitcoin. Despite all attempts, bears cannot influence the course of the flagship cryptocurrency.
Today, Bitcoin is in a rather favorable position: technical indicators indicate an uptrend. In particular, Bitcoin is selling above the daily moving average (EMA) levels. The bulls have consolidated, so we can likely become witnesses to overcoming the upper levels of resistance and a breakthrough of the Bitcoin price above $10,000.
The bullish prevalence is also indicated by the upward movement of the MACD indicator over the past 3 weeks. Thus, technical indicators indicate the expected increase in Bitcoin prices in the long term.
What happens if the bears suddenly win?
Cryptanalysts are also considering the worst-case scenario when the price of Bitcoin cannot be kept at $10,000 and will turn back downward. There are many more long positions on BitMEX and Bitfinex. This indicates that traders are counting on the game to increase. Many experts hope that if the pessimistic scenario wins, Bitcoin will trade in a wide range from $10,067 to $8,117.
If the bears win finally and Bitcoin drops below the support level of $8,117, then the worst-case scenario is possible. Consider the price movement in the short term. If we take into account the price indicators for the last 8 weeks, the highest minimum concentrated at $3,782.
This article is intended as a news item to inform our readers of various events and developments that affect, or that might in the future affect, the value of the cryptocurrency described above. The information contained herein is not intended to provide, and it does not provide, sufficient information to form the basis for an investment decision, and you should not rely on this information for that purpose.