Bitcoin (BTC) has been facing a steep sell-off over the past few days that has sent the cryptocurrency into the $10,000 region, which has led many analysts and investors alike to fear the possibility that Bitcoin revisits the four-figure price region in the near-future.<\/p>\n
Now, analysts are explaining that Bitcoin may soon incur a decent sized relief rally despite its consistent losses over the past few days, which may allow BTC to find some stability at a slightly higher price region.<\/p>\n
At the time of writing, Bitcoin<\/a> is trading down nearly 5% at its current price<\/a> of $10,350 and is trading down significantly from its daily highs of nearly $11,000 that were set yesterday.<\/p>\n Importantly, this latest bout of downwards pressure marks an extension of the selling pressure that was incurred when BTC attempted to break above $12,000 on multiple occasions but faced a swift and violent rejection with each attempt.<\/p>\n These rejections have signaled that Bitcoin\u2019s bulls do not currently have significant strength<\/a>, despite their ability to push BTC from the lower-$3,000 region to highs of $13,800.<\/p>\n DonAlt, a popular cryptocurrency analyst on Twitter, explained in a recent tweet that BTC\u2019s next major level of support exists at $9,800, and a break below this could spell trouble for the crypto\u2019s bulls.<\/p>\n \u201c$BTC daily update: Currently at support. Bulls need to hold 10600 or at the very least 9800 on a closing basis. If those fail I expect a range breakdown into a sustained move to the downside. Starting to get interesting here,\u201d he explained in a recent tweet.<\/p><\/blockquote>\n $BTC<\/a> daily update:<\/p>\n Currently at support. — DonAlt (@CryptoDonAlt) August 14, 2019<\/a><\/p><\/blockquote>\n\n
Bulls need to hold 10600 or at the very least 9800 on a closing basis.
If those fail I expect a range breakdown into a sustained move to the downside.
Starting to get interesting here. pic.twitter.com\/HTNAOsFIi4<\/a><\/p>\n