The weekend is finally underway, and after a turbulent Friday, it initially appeared that the bulls were keen to keep the weekend trend in habit, pushing the price up as high as USD 12,443 before finally settling now around USD 11,573 (11:10 am UTC, CoinDesk).
It will be a slight dampener for the bulls since the price is still down 3% from this time yesterday, but they will take a lot of comfort from the fact that for long periods, Bitcoin stayed well above USD 12,000. This is still much better from yesterday’s position when it looked as if USD 11,000 would be the support. It also ensures that Bitcoin will end this month as the fifth consecutive month in green, despite the recent days of price correction.
However, the selling pressure from short-term scalpers and profit taking ensured that a rally back to its current 2019 high above USD 13,000 would be delayed, although medium and long term analysts will actually be more comfortable with the digital asset consolidating first at these levels, before pushing on to higher milestones. This is because the rise from USD 9,000 to USD 13,000 happened almost without any rest in between — that pause is taking place right now.
Altcoins will also be glad for this period, after taking a battering from their recent all-time highs, with at least some now showing improvements from the massive double-digit losses they faced a couple of days ago.
Many now see that with this pause and the halt of a price drop, Bitcoin is sure to be headed in an upwards direction for the short term, with even technicals now slowly displaying signs that Bitcoin is once more turning bullish.
Meanwhile, interest in Bitcoin continues to grow, with Bitcoin-related searches still showing a steady increase across the board.
— Sharp Credit (@sharpcredit1) June 29, 2019
Image Courtesy: Pixabay