The start of this week for Bitcoin was moderate, as it managed to make limited gains to stay in the $10800 range, and it is expected to face some pressure in the short term as it is near very difficult resistance levels, but the overall path is still bullish.
The benchmark cryptocurrency is approaching an important technical level of $11,000, which will open the way for further growth, at the same time it seems that the psychologically important level of the market is at $12,000, in the recent past the coin failed several times to overcome this level, which may become an important turning point to investor sentiment and launch a new round of growth.
In the meantime, Bitcoin's ability to hold its positions can be considered as well Increased trading volume Significantly a positive factor in supporting its future price, last Thursday's daily trading volume jumped twice to $50 billion to stay stable around it until Monday morning, however volume at $44 billion is also a reason to boost the cryptocurrency's growth momentum.
Bitcoin is facing a strong support level at 10000$
Bitcoin surged above $10,000 on July 27 and has held above that level ever since, and data shows that 63 consecutive days of closing above $10,000 is a new record.
This shows that $10,000 is now a solid support level, having previously acted as severe resistance for a while, buying it back down to $10,000 and below, and this important psychological level may now serve as the groundwork to start the next phase of the uptrend.
Level failed 12000 dollar
In the middle of last August, the coin reached above $12,000, and unfortunately this did not last long. It quickly and gradually fell back down to below $10,000, but it started showing small signs of growth and eventually returned to around $10,400.
Prices remained calm for a while before continuing their slow growth to around $10,800, despite this nearly $1,000 rally since the start of the month, but it's not what it used to be, crypto enthusiasts believe that Bitcoin can do better as they wait for the day when Bitcoin enters fully bullish territory again.
Central banks are aggressively supporting the markets, promising to maintain monetary policy easing in the future, in addition to this, governments continue to discuss new support packages which also increase risk appetite among investors, but globally, there is a force that can destroy market sentiment no matter how large the market is. The promised incentives are a renewed rise in coronavirus cases, which is not a good thing for the global market.
In addition to the epidemic, the American elections are approaching, and it can be said that any candidate will have a clear advantage that threatens to cause new shocks, and in the event of a collapse in the stock market, this will lead to the decline of the Bitcoin currency, but the question is whether the currency will return with the same activity that it did after the March correction ?.