Bitcoin’s price once again took a sharp plunge below the psychological support of $10k on the 23rd and has continued a steady decline since then. Ever since an encouraging rally to almost $14k, Bitcoin’s price has been stale and without momentum. As the entire crypto market continues to sag, many investors are looking for BTC to lead the charge into another rally. For many, the dip under $10k this week appears to be a clear signal that all of Bitcoin’s short-term momentum is gone. However, other say that it’s just an overrated psychological barrier. The majority of investors are left wondering what’s next after this discouraging lack of progress.
It appears tha the next horizontal support for Bitcoin is located around $9k, as BTC has used this level several times in the past few weeks as both support and resistance.
Peripheral indicators such as MACD, RSI, and Stoch RSI seem to indicate that BTC could use a couple more days to cool off before starting an upward trend again. However, if the $9k support does hold, the BTC price could very well be poised for another leg up on its year long upward trend that has given hope to many for a full cryptocurrency market recovery. If Bitcoin is unable to hold the $9k level, it’s very possible that all momentum would be lost from 2019’s impressive rally. However, many see it as unlikely given the renewed sense of energy and positive sentiment that now again surrounds BTC.