Bitcoin dipped below $10,000 after nearly reaching $11,000. Despite the bullish sentiment seen across the market following Bakkt’s approval for physically-settled Bitcoin futures, BTC is sitting at a pivotal point that could mark the direction of its trend in the near future. The following technical analysis will evaluate the price points that could signal the next major move for Bitcoin.
Bitcoin Technical Analysis
The recent $1,000 move is clearly visible on the 12-hour chart. After BTC failed to break below the 200-twelve-hour moving average on Aug. 15, it quickly bounced off to the 150-twelve-hour moving average. Then, BTC consolidated around this area for four days to finally rise to the 100-twelve-hour moving average on Aug. 19.
As the volume behind Bitcoin’s move faded, the cryptocurrency failed to break above the 100-twelve-hour moving average. The result was a 7 percent correction. BTC could drop another 1.20 percent or more to test the 200-twelve-hour moving average again.
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