The last few months were a real rollercoaster for Bitcoin (and altcoins in general). After the record highs for this year a few months ago, the cryptocurrency is in a steady decrease. Sure, there were gains here and there, but in general, the market is pretty indecisive. The leading cryptocurrency is flying all over the chart, with experts scratching their heads as to what could be expected next.
The price is slowly declining this week as well, breaking the $10K support and heading down south fast. In the near term, the price could slide down further, which doesn’t spell great news for traders.
A Bearish Trend Line Forming
Experts are adamant that a new bearish trend line is forming with resistance around the $10,250 mark. Just last week, the price saw a drop to the 4-figure range. Recent slides went down up to $9,938, a new low and resistance for bulls. The immediate support is at $10,000 (maybe slightly below it), which clearly indicates that the Bitcoin price is under pressure.
Some experts, however, are surprisingly optimistic. Crypto analyst Josh Rager tweeted a possible BTC closure at $11,700 and new all-time highs in the near future. He later posted an updated BTC chart which shows that the $11,700 level is possible. As Rager explained, he jokingly mentioned that back in June after the cryptocurrency broke the $10K barrier. The crypto bull and analyst believes that Bitcoin is on its way to an $11,700 launchpad which will see it on the way to mirroring 2017’s rally.
As mentioned, others are not so optimistic. Most experts expect further ups and downs, so the market is set to stay indecisive if you ask us. Per NewsBTC, the price is a dead giveaway for a bearish trend on daily, with bulls unable to push for new highs. For once, bears may win the battle in the short term.
No Good News for Altcoins as Well
With all its ups and downs, 2019 was a solid year for Bitcoin until now. We’ve yet to see if the leading cryptocurrency reaches new heights like Rager suggested or the bearish trend continues. It has been a great year for Binance as well. Well, at least the first half of the year has.
The leading cryptocurrency exchange is currently at risk of a massive 40% drop which could take out more than a few altcoins. The uncertainty surrounding the Binance Coin and the recent announcement that Binance is closing down the doors on USA-based investors has spelled a 40% drop from current prices.
Apart from Bitcoin, Litecoin, and Binance this year, the rest of the crypto assets market has been in a steady decline. This was mostly fuelled by legal actions in certain jurisdictions, with traders unsure if their altcoins can be sold. Due to this, many have dropped their altcoins in favor of Bitcoin and Litecoin, nearly spelling the end of a diverse cryptocurrency market.