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Bitcoin Holding Steady Below $12,000 Amidst a Bullish Week But Analysts Calling for a Drop

  • Another buy the dip opportunity might be coming
  • A bullish week nonetheless, a good week to be a Bitcoiner

Another week is coming to an end as we make it to the weekend and we are right where we started.

The past week, we manage to take over $13,000 yet again but this time as well, couldn’t stay at this level. Soon, we went to $12,000 and then lower to $11,000.

Currently, we are trading at $11,654 with 24 hours loss of 0.39 percent while managing the daily trading volume of $2.2 billion, per Messari’s real 10, 24 hours volume.

The lull in BTC/USD price has turned out to be an opportunity for altcoins to trend upwards. The majority of the coins are in green, with some surging as much as 13 percent.

The capitalization of the entire market, however, remains at $320 billion down from yesterday’s $356 billion while Bitcoin maintains its dominance above 60 percent at 65.2%.

Another Buy the Dip Opportunity might be Coming

In late June, the first time we sailed through $13,000 only to tumble down had us at almost $9,600. This time we went as low as $11,200.

However, the drop might not be over yet.

Trader Credible Crypto points out the $12,950 and $12,090 range to be the short zone. From here, the BTC price could go down to $10.250 level. Even falling to this level doesn’t guarantee that BTC would be in an uptrend.

Another drop from $10,250 level could have us falling to $8,750.

Similar bearish sentiments are shared by analyst DonAlt, who on yesterday’s close called out,

“With the wick on top, this looks utter garbage. Pray to god this weekly doesn’t close like this, if it does I’ll be looking for 8000 minimum.”

If the weekly close red, he sees minimum disaster to $8,000. As for ultra bearish, the target would be as low as $4,800.

A Bullish Week Nonetheless

Price-wise Bitcoin might not have made a lot of progress but this week certainly has been a bullish one.

Yesterday, Fed Chairman, Jerome Powell compared Bitcoin with gold, calling it a “store of value.” Powell’s positive remark was followed by President Donald Trump tweeting about Bitcoin. Though not positive, the fact that the President compared Bitcoin with the US dollar, is a big feat in itself.

Deutsche Bank meanwhile downsizes 18,000 employees, making Bitcoin attractive.

“If central banks are gonna be this aggressive, then alternative currencies do start to become a bit more attractive,”

said Jim Reid, head of global fundamental credit strategy at DB.

Meanwhile, Bitcoin hash rate continues to hit new all-time highs and daily Segwit adoption reaches a record ~56%.

All in all, a pretty good week to be a Bitcoiner.

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Source: BEG


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