• 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 is Defending a Crucial Macro Level as Bulls Show Signs of Strength

Cole Petersen by Cole Petersen
2 years ago
in Bitcoin
0
  • It is growing increasingly clear as to just how important $10,000 is for Bitcoin’s macro price action, as this level has been ardently defended by bulls on multiple occasions
  • BTC has been trading around the level for the past several days, with each dip below it proving to be highly short-lived
  • Bulls’ slight displays of strength whenever the crypto dips below this level are a positive sign for its near-term outlook
  • One analyst is now noting that this price action has allowed Bitcoin to remain above its 128-day moving average
  • The defense of this level seems to indicate that upside may be imminent in the near-term

Bitcoin and the entire cryptocurrency market are beginning to stabilize after facing some turbulence over the past few days.

Much to the chagrin of bears, the selling pressure around $10,000 has not been enough to spark any type of sustained dip below this key support level.

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

The continued defense of this level is a positive sign that indicates upside may be imminent.

It has also allowed BTC to remain above a key moving average. This is an overwhelmingly positive sign for its near-term outlook.

Bitcoin Bears Struggle to Shatter $10,000 Support

Over the past few days, analysts and investors alike have been growing incredibly bearish, widely noting that the sharp descent BTC saw from highs of $12,200 to lows of $9,900 struck a lethal blow to its market structure.

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

It is important to note that this decline has firmly ended, with buyers absorbing the selling pressure each time it dips below the five-figure price region.

Where it trends next may depend largely on its continued reactions to this support level.

Following a test of $9,950 yesterday afternoon, bulls stepped up and sent the crypto surging up to highs of $10,250 that were tapped earlier this morning. It has been consolidating ever since.

BTC Continues Defending Crucial Technical Support Level 

Another analyst explained in a recent tweet that Bitcoin has been testing its 128-day moving average.

Although it has been defended thus far, he notes that a continued defense of it is required in order for it to catalyze bullish momentum.

“BTC testing the 128 DMA – historically often a level of support/resistance on trending price. Also testing HTF support – the LTF doesn’t have me convinced yet. If LTF can show strength I want more longs – until then I’ll sit in spot,” he explained.

Bitcoin

Image Courtesy of Bitcoin Jack. Chart via TradingView.

How BTC continues reaction to both its $10,000 horizontal support and its 128-day moving average should offer some insight into its mid-term outlook.

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

Stripe, a lightning over a city

Stripe And Primer Go Lightning: New Bitcoin Payment Solutions Via OpenNode

2 hours ago
bear market

By The Numbers: The ROI On Buying The Blood In Bitcoin

6 hours ago
China bitcoin mining

Not So Great Wall: How China Failed Miserably To Ban Bitcoin Mining

12 hours ago
WeWork

WeWork Founder Is Back With $70 Million Funding For Flowcarbon

14 hours ago
Crypto

Crypto Billionaire Says He May Shell Out $1 Billion On The 2024 U.S. Election

16 hours ago
Mastercard

Mastercard Exec Remains Optimistic On Crypto Despite Market Meltdown

19 hours 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.