BTC/USD pre halving rally reaches $10K but why again returns to $9K? Bitcoin price Analysis
The price of bitcoin breached to the $10K hurdle but then failed to gain towards the $10,100.The halving event of bitcoin volatility that is set for heightening the weekend session and go through the retest of $9,000 that seems possible.
The price of bitcoin soared to the highest that is above $10K for the very first time since February. The impressive surge happens following the breakout above the level of around $9,500. In just the two candles, the bulls have breached the zone of $10K. The new month may month has been gained at around $10,086 but the USD/BTC said bye-bye to the levels above $10K as it reaches out there. While writing, bitcoin is trading at around $9,912 amid to build the bearish trend supported by the wish to revenge.
The halving event of bitcoin is nigh!
Bitcoin is set for mining the reward halving. This event occurs every four years that sees the mining rewards given to the miners by decreasing it to hold. This year halving events will occur in just three days and the investors want to get ready for the piece of cake by following the cake as the impact is predicted to the price rally. The surge of around $10K in the Asian hours of Friday can be attributed to the volatility of pre-halving produced by the network activity.
The technical image of the price of Bitcoin!
BTC/USD image technically turned bearish as it hit high slightly above $10K. RSI is also retreating fro the hints and overbought to the developing bearish trend. Volume has reduced as the investors wait for the bitcoin to confirm the past breakout to $10k. If the support at around $9,800 fails to hold, then bitcoin can dive out lower for testing at $9000. The range in between the $9000 and $8,500 has the high focusing of buyers and if need to be tested, bitcoin can bounce back to upwards. The big support stays at around $8,400.
Cryptocurrency is the quickest horse recently!
The prices of bitcoin crossed $9K and are now holding in between the range of 9.8$ to $10k with reporting time. As reported, reporters confirmed their interest in cryptocurrencies and known it as the better hedge option as opposed to gold. They told cryptocurrencies as the quickest horse with the hard market situations due to coronavirus.
According to the real questions among the investors is – what will be the winner in the upcoming next 10 year time period. As per the reports, cryptocurrencies can fight back with other stores of value such as fiat currencies, gold, assets, etc and they are the best performers out there.