binance-banner.jpg

Bitcoin Price Analysis: BTC Drops $700 Intraday, Back Below $10K – Time For Bears’ Action?

Just a quick weekend recap: Following our most recent BTC price analysis from Friday, where we had stated that the correction is likely to test lower levels, we can see Bitcoin breaking below $10,000 after failing to break above the crucial resistance at $10,500.


As can be seen on the following daily chart, after getting rejected by the long-term ascending trend-line (started forming on July 2019), Bitcoin broke down the significant 38.2% Fib level at $10,200, along with the marked 4-hour trend-line, and continued dropping further down.

Bitcoin Price Analysis: BTC Drops $700 Intraday, Back Below $10K – Time For Bears’ Action?
Bitcoin Price Analysis

As of writing these lines, Saturday’s daily high was over $10,400 (Bitstamp), while the current daily low lies at $9730: an intraday drop of almost $700. Shortly after hitting the daily low, Bitcoin had recovered a bit, and currently trading around $9900.


What is very surprising, and likely a positive longer-term sign, is the fact that the altcoins are standing still and not losing their value against Bitcoin, despite the sharp correction of BTC.


Another positive sign is the CME Futures’ positive price gap, at $10,425. Gaps are not always get filled; however, Bitcoin had taught us that most of them are getting filled, and even very quickly. Read More...