Despite Bitcoin’s 19% Jump In Price, Analysts Not Bullish Yet
- Bitcoin price shoots up to $10,776 level after falling to $9,050 on July 17
- BTC needs to reclaim the $10,759 and $10,850 area first for bullish continuation
- Analysts stills projects a drop to $7,200
- But a USDT induced pump is yet to be seen
On July 17th, we went down hard to as low as $9,050.
This drop has been in play the entire week since Bitcoin hit $13,100 on July 10.
This 30 percent drop in price has turned the cryptocurrency market completely red. However, yesterday, Bitcoin turned gears and in a matter of minutes, we went green all the way.
Currently, we are trading around $10,600 with 24 hours gains of over 9 percent while managing the daily trading volume of $2.45 billion, as per Messari’s real 10, 24 hours volume.
Does This Mean, We Have Turned Bullish In The Short Term?
Despite Bitcoin’s move above $10,000, analysts are not feeling bullish about the leading cryptocurrency yet, in the short term that is.
According to the popular crypto trader and investor Josh Rager, Bitcoin made a strong move but the candle closed under both the daily resistance and monthly open resistance.
Interestingly, the area between $10,759 and $10,850 that once presented support has now flipped to resistance. Now, for bullish continuation, Bitcoin needs to reclaim this level first.
Another popular market analyst, Benjamin Blunts ultimately sees us going below $7,200. Before dropping to this level, we would be making several ups and downs, according to him.
Per the nebulas arrow drawn by him in the Bitcoin chart, the next major move will take us above $12,000 only to fall back down to the $9,200 level, the same way we did this time.
However, a break of $13,300 would indicate we make new highs, but for now, Bitcoin’s path to $7k is unchanged.
Another analyst in this list is FlibFlib who is not excited about Bitcoin’s pump yet because no HH, no HL (yet), over exuberant bullishness, death crosses on 4 hours, and lots of resistance for BTC to get through.
A USDT induced pump hasn’t been seen yet.
USDT market cap > $4bln: relationship broken or catch up incoming? pic.twitter.com/OHpJLYuvfH
— skew (@skewdotcom) July 19, 2019
As previously reported, a change in the USDT market cap has resulted in a similar change in Bitcoin price, because of the influx of USD on the exchanges. Being a popular stablecoin and a preferred mode for buying Bitcoin, especially in China, a surge in demand for USDT to buy BTC results in price pumping.
So, now it’s to be seen, if the correction would play out or Bitcoin price will follow USDT market cap like it always does.