$9,000, the Bitcoin Price to Watch
After a number of hours flirting just above and below $10,000, Bitcoin (BTC) has decided that it is heading lower. As of the time of writing this, the cryptocurrency is changing hands for $9,750 apiece, with it being down by 4% in the past 24 hours.
Although Bitcoin is still over 5% higher than its monthly low of $9,150, many have begun to worry that the cryptocurrency is entering some precarious territory, even with many signs pointing towards a bull run.
Most notably, analyst CryptoHamster recently let his followers know that Bitcoin is currently rapidly nearing its non-linear regression curve, which has acted as resistance and support for the cryptocurrency in bull runs and bear markets alike, stretching all the way back to 2010. Essentially, it is one of the most important lines on Bitcoin’s long-term chart.
What’s worrying that the curve is currently sitting at $9,050. Hamster notes that if BTC loses that ever-growing level on the daily chart, it would suggest that “things may get nasty”. Indeed, considering the importance of that regression curve, the temporary loss of that level could deal a blow to investors that believed a bull run was right on the horizon.
The non-linear regression curve isn’t the only key level currently situated around $9,000. As Level’s Josh Rager, a prominent cryptocurrency analyst, explained earlier this week, with BTC recently closing the daily candle weak, he is inclined to suggest that the next weekly support for Bitcoin to hit is $9,000.
Title Image Courtesy of Marco Verch Via Flickr