Bitcoin [BTC], the most dominant cryptocurrency in the market, has once again flipped its switch, turning green and recording a notable 5 percent price gain after days of sluggish movement. Volatility is not a surprise within the ever-changing world of cryptocurrencies and with every price change, comes a re-calibration of key levels which the coin will need to breach to set sail once again.
The June 10 price upswing could be summarized as a flip-flop, with the support and resistance shifting places as Bitcoin is now on the verge of breaking $8,000 for the second time in under a month. Josh Rager, a cryptocurrency analyst and member of the advisory team at Token Bacon and Level Invest, stated that the support level was playing loose, flipping from support to resistance.
Rager identified the same as $7,958, which he stated was a price point when, “Support that flipped to resistance, flipped back to support.” He then identified the price point of $8,200, a key marker for several analysts in the field and added that if this were to be broken, then a significant upswing pushing the prices over $8,700 could be a possibility. This push would likely “hold,” he added.
The analyst also focused on the trading volume of the king coin, noting that the same was significantly “accumulated” in the price range of $7,900 to $8,000 during May 13. A few days prior to the aforementioned date, the price of the king coin skyrocketed from $6,800 to $8,200 over a period of 4 days.
His full tweet read,
$BTC Update Support that flipped to resistance, flipped back to support Still in a channel and need to break above $8200 – closing there would likely lead up to $8700+ $7900 to $8000 has been the most accumulated price range since May 13th”
The initial $8,200 resistance breach was short-lived as the king coin dropped to $7,000 in a matter of 24 hours, following the same. Only on May 27 did Bitcoin break $8,200 for the second time, with the king coin hovering around the same till June 3, post which the major pull-back dragged the market down below $8,000 for a relatively prolonged period. Between May 26 and June 4, Bitcoin was trading between the range mentioned by Rager, with some outward spikes noticed.
Immediately prior to the recent price spike, Bitcoin’s price of $7,620 was the coin’s lowest recorded price since May 19.
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