• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Crypto.com Logo Crypto.com Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN
Bitcoinist.com
No Result
View All Result
Nexo

Bitcoin Could See an Accelerated Decline to $9,500 if It Breaks One Key Level

Cole Petersen by Cole Petersen
2 years ago
in Bitcoin
0
  • Bitcoin’s price has been largely stagnant over the past couple of days, with its recent uptrend stopping short of leading the cryptocurrency up to highs of $11,000
  • BTC has been able to maintain the bulk of its recent gains despite the selloff seen yesterday afternoon
  • This selloff caused it to wick as low as $10,500 on some exchanges, but the decline was fleeting and followed by a strong rebound
  • Although Bitcoin has been consolidating ever since, one analyst believes that this is the calm before the storm
  • He is setting his sights on a move down towards $9,500 in the near-term, which would mark one of the lowest prices it has seen in many months

Bitcoin and the entire cryptocurrency market have been struggling to maintain their upwards momentum, which is likely due to the strong resistance that BTC is facing around $11,000.

The strength of the resistance that sits at this price level has been intense and may continue stopping the crypto from seeing further upwards momentum in the near-term.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

That being said, each attempt by bears to revert the strength recently expressed by the crypto has been futile, as it has remained fairly stable within the upper-$10,000 region.

One analyst does believe that a bigger decline could be imminent.

He notes that a break below $10,500 will be enough to cause it to see an accelerated decline down to lows of $9,500.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!

Bitcoin Stable Above $10,700 Despite Heightened Selling Pressure 

At the time of writing, Bitcoin is trading up marginally at its current price of $10,760. This is around the price at which it has been trading at throughout the past few days.

Yesterday, bears attempted to invalidate its stability, but the move lower ended up being fleeting.

The entire crypto market is currently flat or trending lower as analysts watch to see where BTC trends next, as it will likely determine the fate of altcoins.

Trader: BTC Could See a Rapid Decline to $9,500 if It Breaks One Key Level

While speaking about the cryptocurrency’s near-term outlook, one trader noted that its trend all depends on the support that has been built around $10,500.

He believes a decline below here could lead Bitcoin straight down towards $9,500.

“BTC: Highs swept into daily supply, clean unswept lows right above demand. 10500’s will be key imo, lose that and I think we accelerate quickly towards 9.5k. Invalidation of my bearish bias on a break above 11.1k.”

Bitcoin

Image Courtesy of George. Chart via TradingView.

The coming few days will likely provide investors with greater insights into where Bitcoin and the aggregated market may trend next.

Featured image from Unsplash.
Charts from TradingView.
ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.
Cole Petersen

Cole Petersen

Cole is a cryptocurrency analyst based in Los Angeles. He studied at the University of California Irvine and has been interested in Bitcoin and the crypto markets since 2013.

Related Posts

bitcoin BTC Stellar XLM

Why Mercado Bitcoin and Stellar Will Explore A Brazilian CBDC

4 hours ago
Follow The Money screenshot

Let’s Dissect The “Follow The Money #1” Documentary, Pt. 1- Salvadoran Confusion

14 hours ago
Peter McCormack screenshot

Wright Vs. McCormack, The Bitcoin Trial Of The Year Began In London

19 hours ago
Bitcoin BTC BTCUSD

Rich Dad Author Recommends Bunkering Down With Food, Guns, And Bitcoin

1 day ago
liquidations

Liquidations Settle As Bitcoin Regains Footing Above $30,000

1 day ago
Balenciaga

Balenciaga To Accept Bitcoin And Ethereum Payments In The U.S.

1 day ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
  • Crypto Prices from Nomics
© 2022 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN

© 2021 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.