After dropping to as few as $11,217.45 before this morning, the digital currency has been trading between $11,200 and $11,500, additional CoinDesk figures show.
In lighting of the cryptocurrency’s the latest retracement, multiple analysts provided a bit of perspective on where the selling price of bitcoin will likely go following.
[Ed note: Investing in cryptocoins or tokens is tremendously speculative and the market is mostly unregulated. Anybody considering it has to be well prepared to shed their entire investment.]
“If $10k is actually broken we may see a real downtrend,” he reported.
“But as long as the purchase price remains around existing levels, bullish sentiment is apt to prevail.”
Kiana Danial, CEO of Invest Diva, also weighed in, speaking to possible bearish price action for the cryptocurrency.
“$11,235 is the neckline of the mind and shoulder chart pattern Bitcoin is actually developing at the moment,” she reported.
“A confirmation of a break below this quantity may open doors for further drops towards $10,400,” extra Danial.
“Otherwise, we might expect the BTC/USD pair to consolidate between $12,400 as well as $11,235 unless it discovers the latest direction,” she mentioned.
Jon Pearlstone, publisher of the newsletter CryptoPatterns, also chimed in.
“Bitcoin reversed yesterday’s profits with strong volume and it is today under yesterday’s closing price,” he reported.
“These are usually indicators of price rejection that frequently bring a lot more considerable corrections,” mentioned Pearlstone.
“That said prices are still well above crucial opposition levels,” he added.
“Important levels of support to enjoy on the present pullback are actually $10,500 as well as $9,500,” said Pearlstone.
“Price could fall much more if we observe $9,500 rest with effective volume, but until those opposition levels break down convincingly, Bitcoin will continue to consolidate within the range.”