Today we saw Bitcoin went down under 9,000 Dollar for the fist time in June, this happen after we get a couple of good news for the king of the cryptocurrency, the wallets that own more than 0,1 BTC hit an all time high at 3 millions, this mean that the adoption of Bitcoin go even more mainstream on retail sector.
The retail sector is very important for Bitcoin as the warries is that retail user get scared from the sell-off that we lived this last few month.
The second good news of the day is that the transaction fees (the withdraw fee) fell at the lowest level since pre-halving price, this is very important because the retail and small investor was the people that was most affected to the incredible increase of the fee.
Those two good news cane just the day we saw Bitcoin as low as 8,959 Dollar, this is not a disastrous drawdown but psychologically is a bit bad, also if we notice this price was reached without very high volume and in a situation of relatively low volatility.
Right now we can see from the chart that the uptrend started in march is definitely broke and we start to find a new pattern that right now is not yet clearly visible, anyway we could take a look at the support just in case this fall under the 9,000 Dollar would be not an isolate event.
We can see at 8,780 Dollar the first support, if bulls are not able to defend this level the next stop will be the 8,600 Dollar that is a more reliable support, this price must hold the selling pressure of the bears, this would also create the new pattern, a trading range with the low band at just this level.
We don’t expect to see a lowest level but if the bears pressure will mount stronger we may visit the 7,700 Dollar area.
On the upward right now we can see that at around 9,500 Dollar there is a resistance, this level is followed from the 9,800 Dollar that would be the last price before testing again the big barrier of 10K/ 10,2K Dollar, this resistance will be difficult to pass but once bulls would close one day over this price we may expect a lot of buzz.
Only a new high of the year would make the situation more positive, than we may expect to reach 10,500 Dollar before hope to a new proper rally.
Well that’s all for now, thank you for reading and hope you enjoy this post (if you do don’t forget to press the like botton)