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Pundit Reveals Where Bitcoin Price Is Likely Headed If This Crucial Support Level Fails To Hold (Zycrypto)

Bitcoin is back into the hands of the bears after a rejection yesterday from $10,000. Initially, bulls managed to break $10,000 on a few exchanges but got rejected and BTC dropped to $9,700, not a terrible rejection. Unfortunately, bears are seeing a lot of continuation today and /tag/bitcoin”>Bitcoin is currently trading at $9,300 at the time of writing.

Currently, BTC is testing the daily 26-EMA after losing the 12-EMA, however, the candlestick hasn’t closed just yet and bulls could still defend the 12-EMA by the end of the day. There is more trading volume today than in the last week, something notable in favor of the bears but it’s still a relatively low volume. 

There are some key differences in this rejection, for instance, only around $17 million worth of Bitcoin was liquidated on BitMEX, a relatively low amount of Bitcoin considering the exchange usually sees hundreds of millions liquidated after Bitcoin rejections. This gradual retracement is far healthier and could indicate a lack of selling pressure.

Bitcoin Needs To Defend This Long-Term Support Trendline

Mati Greenspan, analyst, investor, and founder of QE4everyone has recently tweeted about Bitcoin’s current situation. According to Greenspan, Bitcoin is testing a trendline formed /markets-disaster-bitcoin-ethereum-xrp-bleeds-off-50-billion-in-an-hour/”>since the crash on March 12. 

#Bitcoin now testing the yellow trendline as support. If she doesn’t hold then next support likely comes at the blue line (200 DMA) or approximately $8,000.

If the yellow line holds, we should see it back at $10k, quite possibly by EOD. 😎📈🌈🍀😂🚀🌛pic.twitter.com/MWBnNjzzIm

— Mati Greenspan (tweets are not trading advice) (@MatiGreenspan)

In his tweet, Greenspan highlights this trendline with a yellow line. Bitcoin needs to trade above $9,000 approximately to defend this trendline. Greenspan also stated that if bulls lose this support level, the next support will most likely be found at around $8,000, however, if Bitcoin manages to stay above the trendline, $10,000 could be on the cards again. 

Despite Bitcoin trading sideways, major trust funds like Grayscale have continued to buy a tremendous amount of Bitcoins at increasing rates. Crypto investors are also withdrawing their coins from exchanges which indicates they are looking to hold Bitcoin for the long-term. /three-highly-bullish-fundamentals-for-bitcoin-into-the-new-week/”>Fundamentals seem to be positive for Bitcoin but they are not capable of pushing Bitcoin above the crucial $10,000 level.

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