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Has Bitcoin Found A New Strong Support Level?

Bitcoin has fallen to slightly below last week’s trading values. While it might seem bearish, the token might be heading for a rally.

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.

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.

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.

Posted: Sep 09, 2020 Author: Becky Categories: Bitcoin News