“Bitcoin first hit $10K two months ago on June 21st. Since then, it has traded around this level on multiple occasions. Every time it has returned to ~$10K, major [altcoins[ have bled out a little more in the process.”<\/span><\/p><\/blockquote>\n Just like ETH, Ripple’s XRP, Bitcoin Cash’s BCH, Litecoin’s LTC, Binance’s BNB, and EOS each negated their value. EOS was the worst-performing cryptocurrency whenever bitcoin tested the $10,000 level.<\/p>\n In a nutshell, $10,000 reflects a psychological support\/resistance level for bitcoin, depending on the direction of the cryptocurrency’s price trend. A close above the said level makes traders bullish. Similarly, a move in the opposite direction makes speculators see a plunge or a bounce back.<\/p>\n It appears traders become hyperactive whenever bitcoin closes-in towards the $10,000 mark. If going down, they might expect an excellent opportunity to buy. And if going up, they might wait for the price to close above $10,000 to place new upside positions.<\/p>\n Now traders could either purchase new bitcoins via fiat currencies or by merely exchanging them for altcoins. The latter is a more straightforward task to perform.<\/p>\n It is becoming easier for traders to offload their altcoin holdings for bitcoin since bitcoin’s fundamentals are looking better. In the long run, bitcoin’s demand as a haven asset could grow against the slowing global economy. Investors are likely to purchase the asset for its store-of-value qualities than other cryptocurrencies, whose returns are typically pegged to the performance of the companies that issue them.<\/p>\n What this means is, BTC is being accumulated @10k<\/a> range while dumping alts.This will happen few more times.And finally, BTC will moon and alts will be crushed for good.<\/p>\n — hodler (@hodlerforlife) August 22, 2019<\/a><\/p><\/blockquote>\n![\"bitcoin,](\"https:\/\/wncen.com\/wp-content\/uploads\/2019\/08\/bitcoin-altcoin-relationship.jpg\")
<\/a>The Trading Psychology<\/h2>\n
\n