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Bitcoin Price Stagnation Has Hit A 10-Year Anti-Record: Can BTC Break The $9,300 Threshold?

Bitcoin continues to keep crypto enthusiasts in a tense state, as it has repeatedly approached the level of psychological support of $9,000. Is Bitcoin having big problems, or is this price stagnation a “runaway” ahead of a bull rally?

Bitcoin price range hits anti-record

The flagship cryptocurrency has not been able to meet the expectations of those participants in the cryptocurrency market who predicted a colossal rise in prices after the halving. Finding Bitcoin in the price corridor of $9,000 – $9,300 dragged on and bored many traders and investors. As a result, Bitcoin’s dominance in the cryptocurrency market has been shaken. 

Bitcoin was able to close trades last week at $9,200. But the situation is still critical: only a few points separate it from the breakdown of the psychological support level of $9,000.

Today, the Bitcoin price range has reached an anti-record, as it is at the lowest point in 10 years of its existence. Cryptanalysts are trying to understand why Bitcoin is in a lethargic state and are drawing analogies with previous price traps of a crypto asset. In particular, Mohit Sorout, the founder of Bitazu Capital, noted that the price stagnation could turn into a new record price jump for Bitcoin. As an argument, the expert published a chart, which clearly shows that after the price plateau, the flagship cryptocurrency, like a spring, jumped up sharply.

Mohit Sorout hopes that the bulls will wake up this time and show that the consolidation of Bitcoin around $9,000 was just preparation for a leap forward.

Is there any hope for a Bitcoin rally in 2020?

Taking into account market indicators such as Bollinger Bands, Bitcoin is not doing as badly as it might seem at first glance. The technical analysis chart shows the maximum “squeezing” of the upper and lower Bollinger bands. It indicates that Bitcoin price fluctuation is at an all-time low relative to its 20-day trading range.

A similar pattern also recorded in November 2018. During this time, the flagship cryptocurrency came under the influence of bears, which lowered its price to $3,200. But then Bitcoin perked up and bounced from the lower support level to $ 6,000. 

Is it possible that after breaking the $10,000 milestone, Bitcoin will be able to regain the winner’s laurels and reach the desired support level of $14,000? While this question remains in the air, if the flagship cryptocurrency breaks through the psychological support level of $9,000, it will be difficult for it to return to the uptrend line.