Bitcoin rally stopped… Will it enter bull market?

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고다솔 기자
기사입력 2020-08-10 [14:49]


Bitcoin(BTC) showed fluctuations at around 1%, having a flat movement during the weekend. Its price just moved between USD 11,600 and USD 12,000.

 

Most analysts say Bitcoin can rally the USD 14K, after breaking above the USD 12K resistance line, while warning against its price correction in case of market domination by BTC bears, after the fall of supporting line at USD 10K.

 

Investor sentiment has been improved. Fear & Greed Index, provided by Alternative, recorded 79, increased 2 point, compared to the previous day, showing "Greed" level. In the index, a value of 0 means "Extreme Fear" while a value of 100 represents "Extreme Greed".

 

"After the outbreak of Covid-19, the US stocks are showing a sign of recovery, thanks to the tech stocks and the US Federal Reserve Board(Fed), after hitting the lowest record. Bitcoin and Gold, Silver are also seeing rallies, which lead the market to be over heated. It means traders are investing in various assets to prevent their harms caused by the fall of currencies," reported Cointelegraph.

 

"After the outbreak of Covid-19, the US stocks are showing a sign of recovery thanks to the tech stocks and the US Federal Reserve Board(Fed), after hitting the lowest record in March. Bitcoin and Gold, Silver are also seeing rallies, which lead the market to be over heated. It means traders are investing in various assets to prevent their harms caused by the fall of currencies," reported Cointelegraph.

 

"BTC/USD pair is still fighting in the resistance zone of $11,800-12,000. If BTC can definitely break this price range, it can rally between USD 15K and USD 16K. Or, if BTC price dipped below the USD 11,300, its next testing line will be the USD 10,700," anticipated Michaël van de Poppe, the contributing writer of Cointelegraph.

 

“While Bitcoin’s current move higher above USD 11,500 is another bullish sign, for now it’s primarily a move higher retest of the weekend spike high of around USD 12,100. When BTC breaks above the USD 12,500 level, the key resistance level, its next target will be the prior cycle high around USD 14K. If BTC price falls from the USD 12,500, the first supporting line will be the USD 10,500. And, the second one will be the USD 9,500," anticipated Jon Pearlstone, publisher of the newsletter CryptoPatterns.

 

"This week, US TV channels, including FOX, CNBC, MSNBC, started to publish advertisements about Bitcoin and Ethereum(ETH), in an effort to promote cryptocurrency to baby boomers," suggested Barry Sibert, the founder and Chief Executive Officer(CEO) of Digital Currency Group.

 

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