Bitcoin is undergoing a process of ironing out the bullish in the $10,000 range ahead of the U.S. holiday weekend. Bitcoin briefly broke the 10,500-dollar mark this week but retreated after not staying long. However, Bitcoin seems to be ending the week by defending the psychologically and technologically important $10,000 without any difficulty.
Regarding Bitcoin’s move next week, the prevailing view is that it maintains the overall bullish trend. Although the possibility of a slight retreat in the short term is impossible to avoid.
Bitcoin price and volume trend in the last month
Technically, the 50-day moving average might break through the 200-day MA chart in the near future. However, many experts predict a short-term retreat as Bitcoin is close to overbuying.
Crypto Michael, an cryptocurrency analyst and trader, tweeted on Wednesday that he believes Bitcoin will fall to $9,750. Overall, Bitcoin is still healthy and some ironing is desirable ahead of a sustained rise, he added.
Possible move of Bitcoin next week after the bullish this week
Regarding Bitcoin’s move next week, the so-called Chinese FUD level, or around 10,500 U.S. dollars, might be a short-term target. FUD (Fear Uncertified And Doubt) is an English acronym for fear, uncertainty and question. China’s FUD is a drag on Bitcoin, which staged a strong rally in October last year on the back of Chinese President Xi Jinping’s policy to nurture blockchain.
Bitcoin soared more than 43 percent in just two days due to Xi Jinping’s remarks at the time, advancing to $15,540. But as the rally fever suddenly subsided, Bitcoin turned downward and fell 38 percent for about a month.
NewsBTC analyzed that Bitcoin has recently advanced to the $15,540 level and retreated again because concerns about China’s FUD, which was witnessed last year, are still in the market.
If bitcoin exceeds this level, it is expected that it will open the way for further rise. On the other hand, experts point out that if it fails repeatedly to reach the $10,000 level, it cannot be ruled out.
