Analyst: $10,300 Is A Crucial Level For Bitcoin (BTC), Trap Door to Open If We Lose It
- If we remain above $10,300 for next week, we would be moving to $20,000 after consolidating for a few weeks
- BitMex reports a record $1 trillion in trading volume, all thanks to the past three months rally
Bitcoin has taken a step back in these last few days. Since hitting $13,900 and then dropping down to $10,300, we remained below $12,500 but maintained the price above $11,200 as well. Currently, we are trading at 11,710 with 24 hours gains of 1.20 percent.
Despite the price being stuck here, crypto analyst Bob Loukas says, as long as Bitcoin remains above $10,300, the lowest level we hit on June 27th, things will be good. According to him, we need to stay above this level until next Tuesday after which we will consolidate for a few weeks before we make our move towards $20,000, the all-time high from 2017.
“Lose 10.3k and possible trap-door opens,” said Loukas.
Bitcoin Tends to Spike on the Weekends
Unlike the securities on most traditional exchanges that trade on week days, cryptocurrencies trade round the clock, because these digital assets run on decentralized networks powered by blockchain technology.
Since the beginning of May, a surge in activity has been seen during weekends that accounts for about 40 percent of Bitcoin's gains this year.
Despite these spurts on weekends, fewer people may be trading that means more pronounced price moves.
“The fact that these markets are operating when the banks are closed leads to price movements being exacerbated,” Jonathan Zeppettini, international operations lead at Decred told Business Standard.
“It also takes a lot less to move the needle when everyone’s sleeping or it’s the weekend.”
Another factor driving this is the Fear of Missing Out, FOMO that pushes investors over the edge.
Despite entering the weekend, Bitcoin has yet to show any good moves yet. Since yesterday, Bitcoin is managing the trading volume of $4.87 billion.
BitMEX Reports $1 Trillion in Trading Volume
An interesting development has been made by BitMEX that made a record of registering a trillion dollar volume in Bitcoin trading.
— Arthur Hayes (@CryptoHayes) June 29, 2019
This record is the result of the bull rally we have been seeing for the past three months that has BTC price surging 184 percent. We started April at about $4,000 level and surged to $13,900 this month, the highest level of 2019.