The unfavourable crash of the world’s largest crypto has bought the investors on their toes to lift it back above $10000 and maintain it
Bitcoin whales become the key players at this point to pump the digital asset and not let it slip below the support level.
Bitcoin Price Maintains above the $10000 mark
After a two-day continuous dip, Bitcoin price viewed a slight increase, forming a new support level at $10200 for the intraday trading. However, the usual support remains below $10000 at $9900.
Despite the decline, the crypto space seems to be assertive with the Bitcoin bull rally very soon. A full-time trader, Crypto Micheal still believes not only Bitcoin but the whole crypto space is bullish in coming years. “Dips are a gift” says Micheal.
Considering the current scenario, there are two possible conditions to be tested for Bitcoin for the short term relief. Firstly, it needs to hold above the short-term support level of $10200. It could surge to form new support levels at $10,600 – $10,800 and probably hit $11000 soon.
On the contrary, if BTC fails to maintain $10k support level, the price could dip below the $9900. The new support level could be near $9,600, however, it could again bounce back as the buying pressure accumulates at the dip. And the price tends to increase with the rise in buying pressure.
Therefore, the coming one or two days could be very important for the crypto to determine its pump or dump.
Investors Try hard to maintain BTC Price above $10k
With the dip approaching beyond $10000, the investors and the traders jumped into action to prevent the further decline. Currently, the support levels are registered below $10000 and if Bitcoin price does not pump up, it may slip down further.
However, the traders probably the whales grabbed the opportunity to buy at the dip and accelerate the uptrend. One of the influencers Lark Davis highlighted the same.
In yet another layout, the US Presidential elections are in the cards. And according to Josh Rager, founder of Blockroots.com President Trump would like to be in good braces by not letting the stocks market to dump. Therefore this could be a good signal for the Bitcoin and whole crypto space.
Collectively, investors are trying hard to uplift the digital asset with soaring prices. Also, they have been viewed as the immune system of Bitcoin. Therefore, in the coming days, it’s important to view the Bitcoin price support as it could foretell the possible uptrend or downtrend.
What support level will Bitcoin form in the coming days? Tag us with your predictions.