- Bitcoin stays above $11,000 following a rejection from levels slightly above $11,300.
- Mike Novogratz. The CEO of Galaxy Digital believes Bitcoin is on its way to $14,000 by October.
Bitcoin recovered the ground lost when it slipped under $11,000 on Tuesday. For a period of time, the largest cryptocurrency was stuck between the support at $10,800 and the resistance at $11,000. The level at $10,900 also became instrumental in the recovery witnessed on Thursday.
BTC/USD reclaimed the position above $11,000 at some point stepping above $11,300. However, the price stalled before hitting the recently formed yearly high around $11,400. Meanwhile, Bitcoin retreated towards the key support at $11,000. At the time of writing, BTC is doddering at $11,076 amid a developing bearish trend.
Looking at the BTC/USD 4-hour trading chart, the price has dropped below the sharply ascending trendline. In spite of the drop, support at $11,000 is expected to continue staying intact. It will also function as the springboard to $14,000 as shared by the head of Galaxy Digital, Michael Novogratz.
According to Novogratz’s prediction, Bitcoin has the potential to hit $14,000 by October. This prediction was, however, not made from a technical point of view but a fundamental one. Besides, to sustain a rally both technical and fundamental factors are required. The CEO believes that the increasing inflation rates around the world would give Bitcoin the kick it needs to finally make the grand journey to $20,000 by the end of 2020.
“Bitcoin still has a lot of retail interest in it. A lot of that retail interest shifted to the story stocks, to the tech stocks, because they were just more fun, yesterday you saw a lot of money shift back over to gold and bitcoin.”
BTC/USD 4-hour chart
For now, Bitcoin is trying to nurture a sideways trading action as observed by the sidelong moving RSI and MACD. A bearish divergence is coming into the picture with the MACD, which means that buyers must be aware of the selling pressure in the market. Defending $11,000 support is key among the factors for the bullish case to $14,000.
Bitcoin Intraday Levels
Spot rate: $11,078
Relative change: -18
Percentage change: -0.16%
Trend: Bearish bias
- “At Some Point There’ll Be A Flash Crash” Says Gold Bull Peter Schiff
- Binance And FTX Worst Hit Exchanges As Losses Climb Almost Two Billion Combined
- Bitcoin S2F Founder says Current dip cannot stop Bitcoin from Adding Another Zero
- Football Clubs Look To Mine Cash Revenue With Crypto Offerings
- Fed Readying To Launch The US Crypto Policy? White House Directs Agencies To Prepare Report
- Here’s Why You Should NOT Yet Buy the Bitcoin Dip, Miner Capitulation Ahead?
- MicroStrategy (MSTR) Stock On Free Fall As SEC Rejects Its Bitcoin Accounting Strategy
- Second Consecutive Crash Day Extends Investor Loses Over $350 Billion, El Salvador Buys the Dip
- DeFi’s Liquidation Volume Hits $34.33 M ATH, The Highest Since Last year’s December
- Portugal opens First Physical Store for Buying and Selling of Bitcoin
- Solana Creeps Higher, Looks To Revisit January Highs AT $177.0
- Ethereum Price Analysis: Fibonacci Retracement level 0.618 Triggers Recovery Rally In ETH Coin
- BTC Price Analysis: Death Crossover Brings Nightmares On Satoshi Street; Is This A Buying Opportunity?
- Bitcoin Death Cross Haunting Investors, Will BTC Make or Break?
- DOGE Price Analysis: Highly Influential Bearish Trendline Undermines Bullish Attempts; Buy, Sell Or Hold?
- Terra Price Analysis: Will LUNA Price Bounce Back at 0.382 Fibonacci Retracement?
- SAND Price Analysis: Sandbox Price Losses 50% Retracement Level, Good Time to Buy?
- LINK Price Analysis: Chainlink price reclaims 200-day EMA, Emerging trendline Suggests More Upward Price Movement
- Harmony Price Analysis: Rising Parallel Pattern Could Lead 30% Growth In $ONE Price
- Ripple Price Analysis: XRP Bears Struggle To Breach $0.7 Support Zone, Is A Reversal Next Move?