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The $10,000 level has been and is still a critical level for Bitcoin throughout 2020. The digital asset has tried to break above this level several times and was rejected heavily by the bears every single time.
Bitcoin vs $10,000
Hours ago, Bitcoin finally managed to break above this infamous resistance level and hit $10,380 in an explosive move after breaking the daily equilibrium pattern and confirming the weekly bull flag.
Unfortunately, the bullish move was cut off short and Bitcoin plunged all the way to $9,500. Bulls would really like to see more upward continuation and fast as the risk of a long squeeze and a more violent crash is certainly possible. The trading volume has also been quite low considering how critical this break was.
BTCUSD Chart By TradingViewEither way, Bitcoin is still bullish and inside a daily uptrend while breaking the weekly bull flag. The daily RSI is not overextended and the bears seem to be wide-awake for now.
Reverse Prospects
According to a recent tweet by ‘Santiment’, Bitcoin is enjoying a clear rise in its trading volume on the yearly timeframe. BTC is also seeing a rise in DAA and an up-and-down social volume, however, in the past month, Bitcoin has seen a decline in most of its volume.
Additionally, Santiment has warned users and traders about Bitcoin’s latest move as the three metrics presented have mixed results.
‘we advise staying cautious here and watching $BTC metrics to see which way momentum begins moving over this next week.’
Santiment also stated that it is ‘do or die’ moment for Bitcoin right now as there are only 2 main possibilities at play now. Bitcoin FOMO kicks in and pushes the digital asset to ATHs or profit takers start selling and hold Bitcoin below $10,000 which would be a horrible event considering how many times BTC has failed to break $10K.
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DISCLAIMER Read MoreThe views expressed in the article are wholly those of the author and do not represent those of, nor should they be attributed to, ZyCrypto. This article is not meant to give financial advice. Please carry out your own research before investing in any of the various cryptocurrencies available.
I’m a cryptocurrency and blockchain technology writer. My work has been featured in major publications such as CoinDesk, Bitcoin Magazine, and VentureBeat. I’ve been a respected voice in the cryptocurrency community and my insights into the industry have helped shape its development.
