Quick summary:
- Tyler Winklevoss has declared that $10k is Bitcoin’s new baseline
- His comments come after BTC dipped hard from $12k levels but still managed to get back above $10k
- Bitcoin’s final hurdle this week is the weekly close only hours away
It has been a dramatic first week of September with Bitcoin kicking off the month by breaking the $12,000 ceiling. However, this accomplishment was short-lived as Bitcoin started what would be a good downward spiral that started on the 2nd of September and momentarily cooled down today, September 6th.
During the aforementioned week of selling, the value of Bitcoin dropped below $10,000 approximately four times only to manage to get back past the crucial psychological price level. On the four occasions that Bitcoin fell below $10k, its value went as low as $9,969, $9,873, $9,969 and $9,818 respectively. At the time of writing, Bitcoin has found solid support above $10,200 and is currently trading at $10,221.
$10k is Bitcoin’s (BTC) New Baseline
Bitcoin’s behavior maintaining its value above $10k has led to the Co-Founder and CEO of Gemini Exchange, Tyler Winklevoss
Remember when a #Bitcoin dip was well below 10k? Now bitcoin dips are comfortably above 10k. New baseline. Bitcoin is consolidating before its next breakout.
— Tyler Winklevoss (@tylerwinklevoss) September 5, 2020
Bitcoin’s Weekly Close is Hours Away
However, Bitcoin still one last hurdle this week to prove the $10,000 baseline theory by Mr. Winklevoss. This hurdle is in the form of a weekly close that is a few hours away. Bitcoin closing the week above the mentioned $10k level would be crucial in validating not only Mr. Winklevoss’s statement but also in restoring some sort of hope for bulls in the crypto-markets.
Additionally, a close above $10,000 would set the pace for the rest of September and possibly assist in Bitcoin still closing the third quarter of 2020 still in profits.