- This week saw bitcoin go under $11,000 in an historic move that has left it at the $10,300 key resistance level at the time of writing.
- This is the lowest level that the leading cryptocurrency has seen in months.
This week saw bitcoin go under $11,000 in an historic move that has left it at the $10,500 key resistance level at the time of writing. This is close to the lowest level that the leading cryptocurrency has seen in months.
This price dip occurred after the Cryptocurrency was well on its way to $12,000 but at the time of writing, this resistance level is yet to be achieved. There are many analysts within the industry who were predicting that the flagship currency could even go as high as $13,000, but only if it could have breached $12,000.
This massive drop in value has had many traders within the industry feel the effects. Especially those who were betting more on the bullish side of things, which was very high not one week ago.
One analyst on Twitter, Ched said the following:
“Panic hits the streets as $BTC pulls back to levels seen in six days. That’s right, six whole days.”
There are many people within the industry who are still optimistic on the future of the leading Cryptocurrency though. Despite this setback, bitcoin still has many followers who are very excited about what the future will hold. The asset manager and bitcoin analyst, Riggs took to Twitter as well, saying that bitcoin could even go as low as $10,000.
“Giant red liquidation wick coming to jumpstart this bull run. Those using leverage should watch out. Those with buy orders set around 10K are doing things right.”
As the leading Cryptocurrency suffers in its price value, the future is uncertain for this asset. Only the coming weeks will tell what will happen for the coin and its price determination.
It will be interesting to see how this situation plays out. For more news on this and other crypto updates, keep it with CryptoDaily!
Post fetched from this article