Bitcoin, the largest digital currency, made a bold move to the upside in terms of market price trend some hours ago. Coupled with BTC price resurgence are the Altcoins that also joined the king of coins in the race to overrule the bears.
Despite the hope of fresh price uptrend displayed by Bitcoin, an analyst, Crypto Birb, has recently sounded the possibility of BTC dipping to $5,400 if it fails to reclaim $7,960 for a swing to $9,100 resistance level.
Analyst Says Bitcoin Needs to Reclaim $7,960
Crypto Birb shared his view about what to expect for Bitcoin as the price of the digital currency maintains an inch above $7,500 support in the past 24 hours.
In his sentiment, he averred that Bitcoin has to retest $7,960 resistance as soon as possible, in order to allow a price swing to $9,100. He then clamored that failure to fulfill this could end the price of BTC in $5,400 price region.
He said, “BTC must reclaim 7960 to swing 9.1k (note bullish divergence) early signal is 3D close above MA100 anything below is MTF~5.4k-oriented you are welcome.”
— Crypto₿irb (@crypto_birb) November 30, 2019
Recent Scenarios That Impacted Bitcoin Price
All downtrend and uptrend experienced by Bitcoin lately were each attributed to a particular event. One of those events to remember was when China, especially the Shanghai government, seemingly moved to clampdown on some crypto exchanges and trading startups in the geographical location.
When this was ongoing, the prices of Bitcoin and virtually all other digital currencies in the market were plummeting. This downtrend was unexpectedly attributed to the action of the Shanghai government.
The event illustrated above preceded the trending scenario that erupted mixed reactions among the cryptocurrency community members. The subjects were Binance exchange, the largest cryptocurrency exchange by trading volume and The Block, the well-known digital currency news platform.
The fracas surfaced after The Block reported the purported raid and closedown of the Binance exchange’s office in Shanghai by the police. The news was swiftly flawed by the CEO of the exchange, Changpeng Zhao, also known as CZ.
This issue later advanced into suing proposal, which then erupted tons of different opinions. Blames were cast on the news outlet The Block, as Binance claimed it has no office in Shanghai let alone being raided and forced to close down. However, the crypto news platform maintained the information was real.
The effect of this fracas also supposedly reflected on the price of Bitcoin in the market. The downtrend even aided BTC to be priced farther below $7,000 support level at that time.
However, BTC has since resurged to trade a bit above $7,500 resistance level. The price uptrend of the digital currency was as well attributed to another event as always.
This time, the Bitcoin price trend is being attached to the widespread “Thanksgiving”. Some analysts claimed that the event gives room to buyback, which has always favored the price trend of BTC or any other digital currency.
Bitcoin has so far managed to maintain stability above $7,500 support level. At the time of filing this report, BTC is trading at $7,600.77, with relatively 2% price downtrend in the last 24 hours.