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Bitcoin

Here’s Why It’s Pivotal Bitcoin Holds Current Price Levels After Drop

Nick Chong
by Nick Chong
4 years ago
·
Posted in Bitcoin Price
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure
  • Bitcoin slipped lower after pushing past $10,500 on Saturday evening.
  • The coin trades at $10,300 as of this article’s writing, around $300 below the local highs.
  • Analysts say it’s pivotal that Bitcoin holds current levels.
  • One historical analysis suggests that if BTC continues to press lower, it may not be in a bull trend anymore.
  • This sentiment is derived from an RSI analysis that suggests Bitcoin is at a point where it has historically bounced.

Bitcoin Must Hold Current Levels: Analyst

If Bitcoin continues to press lower in the hours and weeks ahead, it may not be in a bull market by historical standards.

A cryptocurrency trader shared the chart below on September 13th with the following caption:

“Weekly RSI now at what was support for all corrections in the previous bull cycle. Better hold the rest of the day.”

The chart suggests that Bitcoin’s one-week relative strength index (RSI) reading is at the point where it has historically bounced. The RSI has historically bounced at the 53.3 level when Bitcoin was trending in a bull market; the RSI has historically been rejected at the 53.3 level when Bitcoin was trending in a bear market.

Image

Chart of BTC's macro price action with analysis by crypto trader Polar Hunt (@polar_hunt on twitter). Chart from TradingView.com

The chart indicates that Bitcoin should bounce here or at least consolidate here, thereby ensuring the RSI remains above this pivotal level.

This sentiment is in line with many other analysts who say that for Bitcoin to confirm it is in a bull market, it will need to hold $10,000.

$10,000, or at least the prices around this level, is important because it marked three separate highs over the past year.

Featured Image from Shutterstock
Price tags: xbtusd, btcusdt, btcusd
Charts from TradingView.com
Here's Why It's Pivotal Bitcoin Holds Current Price Levels After Drop
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Nick Chong

Nick Chong

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I am a writer who has been following Bitcoin for many years now. My pieces and interviews have been featured in leading publications in the industry such as LongHash and Decrypt. I own a small amount of Bitcoin.

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