Cryptocurrencies

Bitcoin grinds back along support after 7% flash rally

Bitcoin (BTC) is back in the $10,150 region and grinding along a critical level of support following a surprising 7% rally to the upside on Monday.

The rally rapidly subsided, with BTC falling 3.3% in a matter of minutes before eventually succumbing to more selling pressure that resulted in a further 3% move to the downside.

For now, Bitcoin is delicately poised above the lower side of the symmetrical triangle, which began to form back in July.

It is now in confluence with the psychological $10,000 level of support. If this breaks to the downside, Bitcoin can be expected to fall to the $8,000 region for the first time in more than two months.

However, if support can hold, it would be remarkably bullish for Bitcoin, which has been in a two-month consolidation pattern following a 350% rally from $3,150 to $14,000 earlier this year.

A consolidative move like this typically ends in a volatile move in either direction, although it’s interesting to note that retail interest in Bitcoin remains as low as it was during the 2018 bear market.

This means that the significant rally to the upside earlier this year can only be attributed to institutions diving into the digital asset ecosystem.

Crypto investment firm Grayscale revealed it has $2.7 billion in cryptocurrency assets under management, while Fidelity also launched a native cryptocurrency investment platform.

For more news, guides, and cryptocurrency analysis, click here.

Oliver Knight

Londoner ‘Ollie’ graduated from Birmingham City University with a journalism degree in 2016. He combines his writing with his love of crypto and blockchain here at Coin Rivet, saying “It disrupts well-established institutions (banks) while giving an avenue to the less fortunate to achieve financial freedom.” Like all true Londoners, his pet hate is… “People standing on the left-hand side of the escalators on the Tube!”.

Disqus Comments Loading...

Recent Posts

Advantages of Using Cryptocurrency in Online Gambling

Experts foresee this market surging to over $165 billion by 2028, fueled substantially by crypto…

1 month ago

MetaWin Raises the Bar for Transparency in Online Gaming

London, UK, March 22nd, 2024, ChainwireMetaWin, a leading platform for online prize-winning games, has introduced…

1 month ago

World’s First ICO on Bitcoin Blockchain Enters Final 7 Day Countdown

London, United Kingdom, March 8th, 2024, ChainwireBitcoin Dogs, the first ever ICO on the Bitcoin…

2 months ago

Lista DAO Unveils Cosmic Adventure Challenge and Rebrand in Strategic Push

Singapore, Singapore, February 6th, 2024, ChainwireLista DAO, a key player in Decentralized Finance (DeFi) with…

3 months ago

Nibiru Chain Secures $12 Million to Fuel Developer-Focused L1 Blockchain

Dallas, Texas, February 5th, 2024, ChainwireNibiru Chain, a general-purpose layer 1 blockchain, has successfully closed…

3 months ago

10 Decentralized Applications Integrate Sui’s Groundbreaking “zkLogin” Google Authentication

Grand Cayman, Cayman islands, January 25th, 2024, ChainwireGaming, Ecommerce and DeFi applications are leveraging Sui’s…

3 months ago