Asian trading hours showed a significant price pump on the whole market, but now Bitcoin price has dropped. It may even be facing the major rollback soon. Thanks to the bulls being lazy, the price didn’t reach $10,500, showing the fall to presumably $9,900. The second support level after that is $9,700, in case the downtrend continues.
The second bounce will likely lead to another attempt at conquering the $10,500 important level. The price fell at 08:30 UTC, making a shocking move from $10,500 to $10,077. No matter what, Bitcoin is doing good with 200 days the average price is $8,867, which is less than the current price. And Bitcoin represents a 42% income, based on a year-to-date measurement.
The green candle from Wednesday was eaten out a bit by the $400 price fall. Also, such a big move usually means that the market is preparing for significant corrections. The 50-candle moving average shows that the price may fall to $9,900 thanks to shifted risks and weak bulls. Thus, the risk of bears taking over the market is high with presumably the major support bottom of $9,100. The possible bearish trend appears on the MACD histogram too.
Bitcoin Halving is Approaching, Bitcoin Price Goes Up
One of the major causes of the bull market is halving related expectations. People know about the scarcity of coins, and the cost of mining. The miners will want to double the price per bitcoin to be able to keep up. The thing is if the market’s demand responds to that call. There are only 88 days left until the halving according to Bitcoinblockhalf metrics.
If you want to know more about the precise time of halving, we have already reported about the possible scenarios. The interesting issue with halving is that it could rapidly increase the price per bitcoin. Also, it could cause a crash on the market, which is an unfavorable scenario. Weak hands never miss the chance, but the wise market players will act too. Out of 21,000,000 Bitcoins that will be mined, around 18,215,013 Bitcoins are already in circulation.
Keep in mind the so-called ‘lost coins’ and the coins in cold wallets, vaults, offline wallets, stored as seeds or private keys on paper sheets… And you’ll understand that at least some part of all the coins already serves as someone’s retirement plan. This is due to the understanding that cryptocurrency gives value to any country on the planet. Brexit, some war, or a devastating tornado can’t crash it. The halving increases Bitcoin’s scarcity. However, the code is not ready to welcome a massive wave of new users. This may be the perfect time to give breath to the altcoin market because their value proposition is as good as Bitcoin’s. For a wise trader, many of the coins are always the opportunity bait too obvious to resist.