The price of bitcoin is negotiated laterally as it slowly approaches $10,000
The price of Bitcoin (BTC), the most important crypt currency, has been hovering below the psychological barrier of $10,000. The halving did not give the market what it expected as most were anticipating a further decline in price after the halving.
What will happen in the market now? What can you expect from the price of Bitcoin if it finally reaches $10,000?
The price of Bitcoin is approaching the „golden cross“, will it finally reach $10,000?
The price of Bitcoin has been fluctuating in a wide range, since the beginning of this month. The resistance range is structured at $9,850-$10,300, while range support is at $8,200-$8,500.
The BTC price is currently heading in the wrong direction, contrary to what many expected to happen after the third Bitcoin halving on May 11.
Before the event, the expectation was a continuation of the price increases, as the hype and FOMO started to rise. However, just prior to the halving, range support had a severe drop of $2,000.
Many anticipated a further price decline after halving, but the opposite happened. The Bitcoin price rose back up to the $10,000 resistance, closing a giant CME gap. However, there is still a $9,435 Giant CME gap open on the charts.
BTC 1-hour chart of WEC futures
The futures chart shows a large gap. If you look at the higher timeframes, it seems that the gap has been filled, as the candles are overlapping. However, within the one hour time frame, an open gap remains to be filled on the charts.
We believe the hype is slowly fading as some altcoins have been showing strength lately as the price of Bitcoin falls.
Resistance needs to be broken to keep going up
The structure of the 4-hour chart is quite clear. The price of Bitcoin Gemini Review, Bitcoin Era Review, Immediate Edge Review, Bitcoin Compass Review, Crypto Genius Review is rising within the resistance area. Along with these arguments, the volume has been falling sharply in the last few moves. A drop in volume is a sign of weakness.
Therefore, in the short term, it is more likely to go down than up. And yes, that decline is quite healthy, as the Bitcoin price has risen 160% since the Black Thursday drop on March 12.