The long-awaited Bitcoin price correction lasted less than an hour. Yes, it did dump 30% as many analysts had predicted, but mass buying pressure was triggered when it hit the target so BTC subsequently surged again. Now comfortably back over five figures again, some have seen this as the new floor.
Only 3 Bitcoin Price Candles Closed Under $10000
The pullback to $9,600 was short-lived. According to Tradingview.com, there were only three candles on the hourly chart that closed under $10000, the lowest at $9,780. Even the one that marked the 30% dip closed in five figures indicating that this could be the last time BTC price trades that low. The charts indicate that a lot of buyers were interested in sub-$10k Bitcoin, so many in fact that it did not remain there for very long.
$10000 Is The New Bitcoin Price Floor
CNBC Futures Now, which has often been considered as a counter trade indicator, has indicated that Bitcoin price may have just found a new floor at $10,000. During the interview on ‘Futures Now’, broker Jim Iuorio stated:
“I’m actually starting to see bitcoin for what it may be, and that really is a genuine dollar hedged safe haven asset. At least, it has performed that way over the last six months and ten thousand seems to be a good level here.”
Iuorio added that he has been very impressed with the Bitcoin price action so far this year, especially since June when it went higher up as the US dollar fell. Scott Nations, who admitted that he was not a fan of Bitcoin, stated that as digital gold it works well because investors have the belief that it will do well when everything else is doing poorly.