Bitcoin Reaches a Crucial Phase – Will BTC Price Surge or Decline?
The Resistance levels Maybe Crucial
Bitcoin recently broke out the $10700 resistance level and also successfully formed a new resistance level above $11000. It traded at its highest level of $10935 but unfortunately dipped below $10800. However, it tested the $10650 support levels.
The current hourly BTC price chart shows a crucial contracting triangle being formed with the resistance around $10800.
The retracement of the recent decline can form new resistance levels at $10935 if it successfully holds above $10,800 levels. If not, the new levels may be formed at $10,600, with a sharp decline of more than $200.
Bitcoin Still Strong Against The Altcoins
Regardless of the narrow swing of the world’s largest cryptocurrency, yet it managed to hold up its strength against all others in the market. With the increase in dominance, Bitcoin has managed to be within the green bracket compared to others who list them under the dump list.
Many in the crypto space believe a bearish trend awaiting Bitcoin in coming days which could, however, be dumped by a major and strong breakout.
Interesting Read: Bitcoin Expected To Attain A New ATH By Oct 2020
Many More Companies Like MicroStrategy Awaited
As Coinpedia reported earlier that the Nasdaq listed company Microstrategy has added $175 million worth bitcoin, many more companies are speculated to follow the same path.
A Bitcoin maximalist, Pierre Rochard took to twitter and said that many more corporations are ‘scrambling’ to learn about Bitcoin.
On the other hand, bitcoin analyst Lark Davis also predicted that MicroStrategy will not stay alone for a very long time.
Collectively, Bitcoin maintains its dominance with an uptrend when the whole market has painted ‘red’. It is also believed to be strong despite a narrow trend and an anticipated dump in the coming days. However, a major breakout is speculated in the very near future that could take the digital asset towards new ATH.