On Wednesday 9th, stock markets recovered a good portion of prior day’s sell-off. As for crypto, all was quiet until later at night, that’s when the crypto markets started to pick up. Now we’re waiting to see if it can use the momentum of traditional markets to get it back to its recent highs.
All Eyes on BTC
We’re continuing to see sideways price movement in the range of $10,100 to $10,500. Everyone is waiting to see where the trend will take bitcoin, further down or to retest its $12,000 resistance level. There’s great support from buyers loading up on sub-$10,000 bitcoin. $9,800 is the support level that keeps bitcoin from falling further. We can consider this as it’s price floor unless we see selling pressure caused by external factors.
Bitcoin trading the past week.
John Willock, CEO of digital-asset liquidity firm Tritium, feels that this correction was necessary for what he believes to be a long-term bull run. He’s expressed his optimism by saying,
“This short-term dip down to current levels was a reasonable pullback… A steady move upwards in BTC is fully in line with my expectations for the medium-term and through the end of the year.”
Lifchitz from ExoAlpha warns that if we don’t make $10,600 our new support then there’s no hope for a retry towards $12,000 in the near future.