Bitcoin (BTC) has constantly failed to break farther above $9,000 resistance level. It has relatively been revolving within the same range for quite some days now. After a close examination with the aid of an analytical chart, a crypto analyst recently pinpointed the bearish and bullish indications to observe as Bitcoin price seems stagnant.
There has been high expectation in the crypto sphere about where Bitcoin (BTC) will be heading. Analysts have not been specific about its next move, as they are as well in the dark as novice.
Bullish Bitcoin predictions have been around for a while, and many analysts have persistently aired their views about what future could be for BTC.
Other top cryptocurrencies have been in the same boat with Bitcoin. BTC keeps dominating and commanding their price surge and plummet.
Ethereum (ETH), the second largest cryptocurrency by market cap, is totally subjected to Bitcoin (BTC) market dominance due to its inability to experience price rise and fall independently.
As Bitcoin (BTC) continue to long stay below $8,000 resistance level, there is tendency for the digital currency to either undergo distinct price drop or surge. However, the investors who have accumulated enough BTC would be awaiting the result that will bring them much gain.
At the time of filing this report, Bitcoin (BTC) is trading at $7,933, with 0.41% price drop in the last 24 hours. It remained in that price range since its price dropped significantly from $8500 few days ago.
Analyst Indicates Resistance Levels that Would Determine Bullish and Bearish Bitcoin Price
Josh Rager, a popular crypto analyst, recently shared his observation about the indications of Bitcoin bearish or bullish season on twitter.
Rager posited that once BTC could surpass $8017, there is tendency to push further above $8,200, which would make the bullish rally push Bitcoin to $8550. He concluded that any break below $7600 support level indicates bearish.
“BTC Update The new resistance to look at is $8017 for Bitcoin with a close above here, it has a chance to then push and close above $8200 which would be bullish to move to $8550’s Mid-channel is currently holding as support Close below $7600 is bearish”
The new resistance to look at is $8017 for Bitcoin
With a close above here, it has a chance to then push and close above $8200 which would be bullish to move to $8550’s
Mid-channel is currently holding as support
Close below $7600 is bearish (4 hr chart) pic.twitter.com/nemH37Wy4K
— Josh Rager 📈 (@Josh_Rager) June 11, 2019
Tone Vay Also Signals that Crypto Winter Isn’t Over Yet
Tone Vay, former financial analyst at JPMorgan, in a recent interview was skeptical about the end of crypto winter. He averred that recent cryptocurrency rally is still not trustworthy enough, as not much investment is plunging into the market.