December 2, 2020

Cryptheory

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Bitcoin has grown again overnight and we are at $ 9,900 – are that bullish signals or…

1 min read
Bitcoin has grown again overnight and we are at $ 9,900 - are that bullish signals or…

Overnight, Bitcoin managed to grow by nearly $ 350. This week, however, we saw a 16% decline in transactions. Do bulls lose confidence? We now need a proper signal to grow.

 

Bullish signals, or…

 

Last week, Bitcoin again managed to break the $ 10,000 mark, but stayed there for a long time, dropping below $ 9,500. Over the past week, the price of the BTC dropped sharply, now rising to around $ 9,900.

 

Transactions down 16% since last week. These statistics provide a clear signal of real economic activity.

 

Another statistic (adjusted earnings ratio), again fell below 1, but a rapid recovery would support a bullish signal.

 

Addresses with an equilibrium equivalent of more than 0.01 BTC and 0.1 BTC continue to grow, “we have new ATH again and again”, another bullish signal. The number of addresses held by BTC 1+ wallets has historically peaked: 788 800 addresses, breaking the previous ATH record of 788 767, recorded on 23 October 2019.

 

What do analysts expect?

 

The price now faces several key obstacles near $ 10,000. More importantly, the 50% Fib retracement level dropped from $ 10,298 to $ 9,317 and is close to $ 9,907 to stop the upward movement. A sharp break above $ 9,900 – $ 10,000 is therefore required for a sharp upward shift to $ 10,300 and $ 10,500.

 

Bitcoin has grown again overnight and we are at $ 9,900 - are that bullish signals or…

 

Whatever other bullish signals could lead the price to a $ 10,300 resistance level.

 

The main support is close to $ 9,440 – $ 9,500, below which there is a risk of a significant decline towards $ 9,100.

 

From yesterday to today, we saw Bitcoin growth to the current $ 9,900. But will it be enough for a definite bulls attack over $ 10,000? He will probably decide for the next week.

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