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Qadir AK
Qadir AK
Author
Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.
- Sep 16, 2020 02:38 UTC
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Bitcoin Reaches a Crucial Phase – Will BTC Price Surge or Decline?
Bitcoin recently reached close to $11000 but failed to attain the levels above it
It is currently swinging in a narrow range between $10700 to $10800
The ongoing trend foretells either the digital asset may pump above $11000 or decline below $10600 levels
The Resistance levels Maybe Crucial
Bitcoin recently broke out the $10700 resistance level and also successfully formed a new resistance level above $11000. It traded at its highest level of $10935 but unfortunately dipped below $10800. However, it tested the $10650 support levels.
The current hourly BTC price chart shows a crucial contracting triangle occurring with the resistance around $10800.
The retracement of the recent decline can form new resistance levels at $10935 if it successfully holds above $10,800 levels. If not, the new levels may arise at $10,600, with a sharp decline of more than $200.
Bitcoin Still Strong Against The Altcoins
Regardless of the narrow swing of the world’s largest cryptocurrency, yet it managed to hold up its strength against all others in the market. With the increase in dominance, Bitcoin has managed to be within the green bracket compared to others who list them under the dump list.
Many in the crypto space believe a bearish trend awaiting Bitcoin in the coming days which could, however, be dumped by a major and strong breakout.
Many More Companies Like MicroStrategy Awaited
As Coinpedia reported earlier that the Nasdaq listed company Microstrategy has added $175 million worth bitcoin. We can assume many more companies to follow the same path.
According to Bitcoin maximalist, Pierre Rochard many more corporations are ‘scrambling’ to learn about Bitcoin.
On the other hand, bitcoin analyst Lark Davis also predicted that MicroStrategy will not stay alone for a very long time.
Collectively, Bitcoin maintains its dominance with an uptrend when the whole market has painted ‘red’. It is also said to be strong despite a narrow trend and an anticipated dump in the coming days. However, a major breakout may occur in the very near future that could take the digital asset towards new ATH.
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