The last 10 Days in the month of July 2020, were really a blessing for the price of Bitcoin and for the investors and traders of the cryptocurrencies specially for those who were doing trade in Bitcoin.
On 21st of July 2020 Bitcoin Broke out above the blue-marked trend line at $9200, then it was just Bullish and all its trends were also Bullish, and yesterday – after long ten bullish days of BTC – Bitcoin price achieved a New High above $12,100 Mark which was an incredible 31% increase in its price.
After making a new High Bitcoin badly needed a significant and then it came we saw the first significant correction of this 10 days long bitcoin Bull run, since the 2020 parabolic run had started.
Bitcoin Now Back To $10,500 High Mark
Just within Few minutes, majority of long positions got liquidated and Bitcoin price plunged severely to $10,500 on many major top cryptocurrency exchanges.
It was long due as you may know in healthy trend mostly the strong resistance becomes strong support when breached and $10,500 was a very tough resistance area for Bitcoin. BTC was holding this resistance level since mid-February.
If you follow the Last Bitcoin bull run rally you can see that $10,500 Level is accurately the Golden Fibonacci retracement level. So this correction was expected as we have mentioned above, and we can expect that this healthy level will pave the way for Bitcoin “to the moon.”
The price dip of Bitcoin quickly recovered as massive buying orders were placed which took care of the price dip, and for now at the time of this artice, Bitcoin is trading around $11,200 – $11,300 on Major bitcoin exchanges.
Keep Watch: Support and Resistance
Following the correction, Bitcoin is now trading at $11,400, first resistance level to watch.
In case of a breakout of $11,400, the next major resistance is around $11,650, followed by $11,800. Then if $11,800 level breakout next level will be yesterday’s record high $12,000 – $12,100.
Total Market Cap: $340.3 billion
Bitcoin Market Cap: $207.8 billion
BTC Dominance Index: 61.1%
*Data by CoinGecko
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