According to the latest news, BTC ‘s price declined by 3% overnight to $10,630 while it stood at $10,950. Following the rejection at $11,000, the sentiment of traders stays mixed.
If we believe analysts, the $10,700 area is a critical price for Bitcoin in the near term.
However, some think that BTC’s price has changed in the short term after its rejection.
According to a pseudonymous trader’s Byzantine General, there are three critical macro levels for Bitcoin: at 10,700, $9,800, and $11,800. Moreover, $10,700 means a near-term barrier for cryptocurrency.
According to Byzantine General, 10,700 is a crucial level for BTC, and $9,800 and $11,800 are two different vital levels.
Byzantine General says that during the October, Bitcoin can hit $11,800 if it recovers $10,700. A new monthly candle would open on October 1, and the price can sharply correct.
Remarkably, the chances of hitting a $9,800 raise if BTC starts falling from $10,700.
last rejection of BTC at $10,950 touched a critical Fibonacci level
Except for that, another pseudonymous Bitcoin trader Benjamin Blunts “savage rejection,” will make a more massive change. According to him, the last rejection of Bitcoin at $10,950 touched a critical Fibonacci level.
Additionally, In the technical report, classes in the Fibonacci Sequence are considered crucial areas for a possible trend withdrawal.
Moreover, a pseudonymous Bitcoin trader estimates that a decline below $10,000, possibly to the $9,600 to $9,800 support range, could happen.
Santiment’s researches claim that the address activity of the Bitcoin blockchain has been declining. Additionally, deteriorating fundamentals among the market intensifies could generate heightened levels of selling pressure.
Another essential thing to mention is that On-chain signs and metrics often do not precisely depict short-term price trends.
Besides that, bitcoin’s price would depend on whether it reached $11,000 or risks declining to the low $10,000s in a short time.
Nonetheless, other analysts are seeing bullish signs. The difficulty hash ribbon indicator has been signaling a “buy zone” for BTC, buoying Bitcoin’s medium-term bull case.
