- Analyst highlights what $5404 resistance implies for Bitcoin (BTC)
- BTC struggling to break $8,000 resistance level
Bitcoin is still struggling to maintain its usual steady growth. Since the last significant price drop it experienced, BTC has been looking for means to surpass $8,000, maintain it and move further above stronger resistance levels. A prominent analyst recently pinpointed the lowest Bitcoin could drop to expect bearish season.
Bitcoin (BTC) experienced a notable drop about 3 days ago, and this has given enthusiasts and investors the means to speculate about the next direction expected of Bitcoin, the largest digital currency by market capitalization.
It was speculated that the capital price drop underwent by Bitcoin (BTC) is associated with a supposed manipulative activity of an unknown whale.
A Bitcoin whale reportedly transferred a sum of 25,160 BTC worth $213,365,390 at the time of the transaction. The transfer was said to be related to the abject price plummet experienced by Bitcoin.
However, Bitcoin (BTC) is beginning to regain its balance in the market, as it recently retested $8,000 resistance level. Other digital currencies are also getting along with its gradual recovery.
Top cryptocurrencies such as Ethereum (ETH), Ripple’s XRP, Bitcoin Cash (BCH) and others are starting to rise gradually. At press time, Bitcoin (BTC) is trading at $8,001.68, with 2.15% price rise in the last 24 hours.
A portion of enthusiasts and investors in the cryptocurrency space anticipate Bull Run of Bitcoin to acquire enormous profit on their accumulated BTC, while some expect more downward trend in order to have opportunity to buy the dip.
Josh Rager Highlights the Lowest Bitcoin (BTC) Price Could Drop to Expect Bearish Season
Josh Rager, a crypto trader and investor has been so common with cryptocurrency analysis and prediction on his twitter handle.
On 6th May, Rager conveyed his thought about the recent growth instability of Bitcoin (BTC) to his teeming followers, using an analysis tool he termed as “Pullback Areas to Watch Fib retracement”.
He said “BTC Pullback Areas to Watch Fib retracement is a tool that can measure how far the market has pulled back into an upswing but should be used with confluence by other indicators/price Bitcoin is sitting at the 0.236 fib”
According to the indication on the specialised tool, he averred that the lowest Bitcoin could pull back is $5404. He warned that anything lower than that price could welcome another bearish season for BTC.
“BTC Pullback Areas. The lowest I see Bitcoin pulling back is the .618 fib ($5404) as any lower would be bearish, IMO Major confluence w/ previous support/resistance between $6109 to $6814 I’m personally watching for a bounce in this area with major interest near $6400 (VPVR)”.
$BTC Pullback Areas
The lowest I see Bitcoin pulling back is the .618 fib ($5404) as any lower would be bearish, IMO
Major confluence w/ previous support/resistance between $6109 to $6814
I'm personally watching for a bounce in this area with major interest near $6400 (VPVR) pic.twitter.com/WpvzOxdZzU
— Josh Rager 📈 (@Josh_Rager) June 6, 2019
Bitcoin is gradually regaining its lost growth strength, as it rallies other digital currencies on its course. The price of BTC seems to be the strength that constitutes the market. This makes its consistent growth very vital, which is also expected to fast-track its global adoption and to silence the critics and pessimists. However, one man’s gold is another man’s poison. Any enthusiast in the crypto sphere wishing for bearish BTC could be for personal gain.