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

Nick Chong by Nick Chong
2 years ago
in Bitcoin Price
0
Advertisement
  • 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:

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“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.

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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.

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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
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Nick Chong

Nick Chong

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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