Bitcoin (BTC) price remained unchanged in the $ 9,300-9,500 range for seven days with low volatility. Traders expect that the higher digital currency will see massive price movements in the short term. However, the famous cryptocurrency traders are divided on whether Bitcoin will see a resumption of the downtrend back to $ 7,000 in the coming weeks, or whether it will finally break $ 10,500.
Given the market uncertainty, starting in mid-May, different data and technical analysis provide sufficient arguments for both bullish and bearish scenarios. For example, cryptocurrency trader Satoshi Fleber said that in such an uncertain price range, the balanced transaction should remain neutral and prepare for both scenarios:
“Everyone seems confident about the BTC’s next direction. A lot of people think we shoot over @ 9.8000, others are convinced we’re doing that. Some people think about merging, others are about distribution. Certainly only one -> nobody knows which Direction. I got ready for both of them. “
Many traders seem to take a similar approach, especially in the future market, and remain neutral with hedging positions. This demonstrates that Bitcoin is the key, and investors are preparing for a volatility boom almost 45 days after the low volatility.
Bitcoin bullish text
The most important short-term bullish scenario for Bitcoin is a $ 10,500 outbreak, as has been the case since May. BTC runs the risk of seeing a triple peak, with two previous peaks in October 2019 and February ending at $ 10,500.
The triple peak reason becomes invalid if Bitcoin continues to stay above the major support levels of $ 9,400 and $ 9,000. Regardless of whether Bitcoin is still in the $ 9,300-9,500 range in the coming weeks or not, you can determine the medium term price trend of BTC. Michael Van de Pop, Amsterdam Merchant Exchange and member of Cointelegraph explained:
“The critical level has been preserved, and we’re once again in a tight spot. As long as $ 9,200-9,250 lasts, I doubt continue. The next job; break and tilt $ 9,550,950. If we do that, the milling will start to rise. Acceleration More than 10 $ 250-10500 USD versus 11500 USD. ”
But Bitcoin has struggled to get past $ 950 after four attempts in the past six days. Low volume on the spot market, along with declining volatility, remains the biggest obstacle to disease outbreaks. Bitcoin dealer, known as Ethereum Jack, said he expects Bitcoins to grow from early June. They explained that the absence of an increase increases the possibility of a major price move:
“I am watching the current market closely. A few weeks ago, I thought the market would grow, and in the event that the next few days for BTC rise. After going up the rally, I do not reject the idea that this will be a turning point and regardless of the market shape due to the movement.”
The bullish traders tend to achieve last week as “a continuation of the movement”. The term is often used to describe a stage before a long hike. If bitcoin market stability is a constant pendulum, BTC may see improvement from $ 10,500 to higher resistance levels like $ 11,500.
On June 17, Cointelegraph reported that Bitcoin mining problems increased by 14.95% – this is the largest margin since January 2018 and the first increase in the past two years. When bitcoin mining becomes more difficult to mine in a short period of time, it can get rid of the overweight miners. This increases the cost of BTC mining overnight, which usually results in a decrease in the rate of fragmentation and an increase in pressure from miners.
Historically, as crypto analyst Nonia Peznitz has said, serious difficulties in adapting and surrender to mining have become the foundation of BTC. Simply put, when the main difficulties of adaptation occurred earlier, it led to expanded growth over the next few months. Nonia Business explained that “monthly DDAs [complexity adjustments] could indicate mining surrender and market bottlenecks.”
A stable region above the central support level, which can become a continuous pendulum, and complex adjustments that often point to the main causes of BTC can provide close collision to the industry.