Bitcoin’s Tug-of-War
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For the last 7 days we have seen bitcoin in a no trend situation. It seems bitcoin’s sell-off from $12,476 has come to a stand-still. Its price remains to break out of the $10k-$10.5k price range. This is due to failure from the bears to consistently push the price down. Many investors are buying up bitcoin around $10k which is causing small bounces in price. Buying pressure isn’t strong enough to break out of the $10.5k resistance leaving both bears and bulls fighting a close match of tug-of-war.
Many believe that the correction is not over and a larger pull-back is needed in order to reset for a momentous move to an all-time-highs.
Crypto analyst Josh Olszewicz says,
“If $10,000 is breached, the cryptocurrency could drop to $8,100.”
The short-term remains uncertain but fundamentals still stand. As long as central banks continue to stimulate their economy, workers continue to lose their jobs, and major institutions pull back on their traditional investments we can be sure that bitcoin will continue to have space in our portfolio.
