Bitcoin May Soon Test 2019 Trend Line Below $9k, Claims Prominent Analyst
After facing a significant amount of downwards pressure, Bitcoin (BTC) capitulated yesterday and fell to lows of roughly $9,500 before bouncing and reclaiming its position above the key $10,000 price level.
Now, one prominent analyst who predicted the bull run that was witnessed throughout the first half of 2019 is now claiming that Bitcoin may test its 2019 trend line in the near-future, which would mean that a drop below $9,000 is imminent.
Bitcoin Plummets Towards $9,000 Overnight Before Bouncing to $10,000
At the time of writing, is trading down nearly 5% at its of $10,040, which is down significantly from its 24-hour highs of nearly $10,600.
Yesterday, BTC faced a slow grind down to below $10,000 which instantly sparked a bout of capitulation that sent the crypto down to lows of roughly $9,500, at which point the crypto incurred an influx of buying pressure that allowed it to climb back into the $10,000 region.
This volatility and downtrend was first sparked earlier this week when BTC attempted, but failed, to decisively break above $12,000, which has proven to be a strong level of resistance for the cryptocurrency.