Over the past 48 hours, the price of Bitcoin has dropped by nearly $ 1500. There are high chances that it will continue to decline in the short term. The high sales volume indicates that the $ 9,500 threshold will not be sustained, the next level of support being at $ 9,000.
Technical analysts point out that there is even the possibility of reaching $ 8,100, if the resistance level of $ 9500 is exceeded.
Bitcoin price trend in the medium term
The temptation is still positive, even if in the short term it is possible to see drops. As long as it stays above the $ 8,100 threshold, fluctuation is the volatility it needs to maintain an upward trend.
Key levels of short-term assistance are $ 10,100, $ 9,800, $ 9,500, $ 8,800 and $ 8,100.
Analyst Tone Vays, for example, is of the opinion that Bitcoin could be up to $ 9,000. He claims that this partial correction will take 1-4 days. This is most likely followed by a volume reversal to again exceed the $ 11,700 threshold.
Nicholas Colas, co-founder of DataTrek Research, believes that the performance of Bitcoin in recent days shows that it functions as a geopolitical indicator of agitation. He points out that Bitcoin has predicted protests in Hong Kong and the capital outflow of Hong Kong and China.
In both Argentina and Hong Kong, investors have paid a premium for Bitcoin to protect their capital in times of crisis. As tensions in the US-China trade war have dropped, the price of Bitcoin has dropped.