Bitcoin has been struggling to regain the bullish momentum its enjoyed for the bulk of 2019. Ever since December 2018 when Bitcoin price bottomed, it has mostly been on an upward ascent until it met former bear market resistance at $13,800 and it resulted in a nasty rejection and flash crash that put the entire parabolic rally on ice.
Today, Bitcoin price dipped below $10,000 after bull lost daily and weekly support at around $10,185 but paused briefly at $9,800 before falling any lower. Will Bitcoin bull reclaim $10,185 and make an attempt higher? Or will $9,800 break and see a restest of lows around $9,200, and possibly even lower in the coming days ahead?
Bitcoin Price Struggles to Maintain Support at $10,000, Bulls Losing Strength to Bears
Bitcoin bulls have been not only breathing a sigh of relief now that Bitcoin is once again in the five-digit territory – a far cry away from its bear market lows around $3,000, that put real panic in the hearts of crypto traders and investors who feared the worst was ahead.
But Bitcoin bounced, and it brought the first-ever crypto-asset well above $10,000 to $13,800 where it was rejected by former bear market resistance and has struggled ever since to make another attempt at breaking above it.
Now, Bitcoin is struggling to even maintain $10,000, the important resistance that was supposed to act as a FOMO trigger taking the crypto asset to new highs. It did incite some FOMO, but not enough to get Bitcoin to revisit its previous all-time high of $20,000 it set back in December 2017.
Will Bulls or Bears With the Battle for BTC and Its Short Term Trend Future
Most are in the long-term extremely bullish on Bitcoin. Many expect the crypto asset to eventually reach prices of $100,000 to as much as a million per BTC. But irrational exuberance also permeates throughout the crypto industry, and crypto enthusiasts often let their imagination and speculation get the best of them.
Clearly, Bitcoin is at an impasse in terms of trading, and whichever direction is finally chosen could set the trend for the short- and medium-term.
$BTC looks to be creating lower-highs and lower-lows on the daily chart
Marked are the open and support areas based on the weekly chart with previous support possibly flipping to resistance
If confirmed, watching the next weekly support at $8975 as a potential target pic.twitter.com/yG2WO2yrzX
— Josh Rager 📈 (@Josh_Rager) July 23, 2019
If Bitcoin were to break below $10,000 with strength, taking out $9900 and $9800, a retest of where it bounced in recent days at $9,200 would be retested, as well as potential weekly support at just under $9,000.
If Bitcoin can reclaim weekly support turned resistance at $10,200, it could make a run toward $10,500 or higher, where the weekly candle opened on Sunday night. A break above that could have Bitcoin trying for $11,000 or retrying to incite a bull run above where the major rejection happened.
These are critical times for crypto, and while that’s commonly said in the past, the latest regulatory pressure has changed the market dynamics and could create an environment for real fear and panic in the coming days, which would surely have a strong effect on Bitcoin price.