The king of cryptocurrency Bitcoin BTC made a run for the $11,000 high as predicted earlier but fell short on the $10800 mark. The king of cryptocurrency managed to rise as high as $10860 at one point, but unable to sustain the new high. A flash crash from $10740 to $10695 was observed at the time of writing, but strong support found at the $10700 mark, keeping the king of cryptocurrency afloat.
In the past 24-hours Bitcoin price predictions have been rather shaky on the outcome of the current struggle since Bitcoin price saw a dip back to the $10640 level within 12-hours of the rise towards $10700. However, it appears that the current support level, found at $10700, can become a strong base for a retest to $10800 soon.
Bitcoin market sentiment
Bitcoin price predictions are heavily dependent on the market sentiment, despite what the chart patterns suggest, traders are human. Sentiments play a vital role in the Bitcoin price movement along with whale movement and global issues such as the recent COVID epidemic. At the time of writing Bitcoin is headed into a strong buying sentiment, per the Trading View technical market sentiments data. Usually, a good buy score converts into higher prices based on the demand and supply principles, the demand goes up and the prices go high.
On the other hand, the Bitcoin Fear and Greed Index is also suggesting a strong neutral position falling towards the selling zone with a score of 49. The two sentiment indicators combined explain that the cryptocurrency may have found a strong support at the $10700 mark. The day traders are likely to bank on this support level and play their trading moves based on an anticipated rise in the price.
Bitcoin price prediction
Trading View analyst PennyBagsCapital is optimistic about the rise in price but with a slight twist. Capital believes that the king is likely to take anther dip, given the current uncertainty in the market before rising up to the much-awaited yearly high levels.
In the Bitcoin price prediction Capital explains that the king of cryptocurrency has been rising steadily but it is still showing weaknesses that are likely to convergence into another drop before a proper rise to the $13000 levels. As the analyst explains it,
Bitcoin has been far to Bull friendly recently and if I had to bet, I think we see [a] downward move to $7100 to reset the bear divergence that has printed over time.
Penny Bags Capital
The analyst furthers that the divergence can cause enough panic to shake out whatever weak hands may be left. It is only after the shake off that the new highs expected at the $11465, $12689, and $13877 would emerge on the charts. The same expected highs are also serving as strong resistance levels at the time of writing.
The strongest support is found at the $10687 mark. Below that the king of cryptocurrency has support at the feared $7357 mark and then at the $6813.24 mark. Cautious trading is advised as always, just as the analyst explains, “don’t be a fool” to follow just any Bitcoin price prediction with a blind eye.
Disclaimer: The information provided is not trading advice. Cryptopolitan.com holds no liability for any investments made based on the information provided on this page. We strongly recommend independent research and/or consultation with a qualified professional before making any investment decisions.
