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Bitcoin price might see relief after several days of trading in a minor dip, according to expert market analyst.
Michaël van de Poppe commented on the market movement, offering that Bitcoin price might strengthen as a result of a couple of factors in the global financial market. Pointing towards futures and the European economies, van de Poppe foresees a possible relief rally for Bitcoin to start an upward trend again.
Futures bounce back significantly in the U.S.
Europe also bouncing back up.
Might signal a slight relief on $BTC as well towards the area of $10,600-10,800.
— Crypto Michaël (@CryptoMichNL) September 9, 2020
Bitcoin continues to test increasing values
The value of Bitcoin fell slightly during the week, ranging below $11,000 USD after a strong rally in August. Over the week, the cryptocurrency s price has bounced between just below $10,000 USD and $10,600 USD. van de Poppe believes that it might tend towards a $10,800 USD figure as it retests resistance barriers to find new support.
A strong bottom support for Bitcoin?
Earlier this month, the market analyst had commented that Bitcoin might not be able to hold the $10,000 USD price tag. However, he also noted that he thinks $9,600 USD might be the bottom level for the token.
Couldn’t really hold the $10,000 level (or it’s dipping beneath).
The second scenario would be a closing of the CME gap, after which closing of the upper CME gap is next.
$9,600-9,800 could be bottom level for now. pic.twitter.com/8MXdwYtw11
— Crypto Michaël (@CryptoMichNL) September 7, 2020
While Bitcoin falling in price is not necessarily bullish, it is important for the volatile asset to find healthy growth. If finding a new support barrier with minor declines is what it takes, the market could be looking at a strong, sustainable rally in the near future. At the time of writing, Bitcoin price is trading at $10 199,88 USD, which stands as a 1.72% increase in day-on-day trading.