What Are the Deciding Factors for Bitcoin’s Next Move?

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In Brief
  • Bitcoin is facing considerable resistance and support at $10,500 and $9,400, respectively.

  • Technical indicators are indecisive, the daily RSI has formed bearish divergence while daily moving averages have made a golden cross.

  • A crucial resistance level is found near $10,100, the 0.765 Fib level and possible Wyckoff distribution resistance.

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Since a rapid decline on June 2, when BTC fell by almost 10%, the price has been trading in a range between $9,450 and $10,100. Whether the price breaks out or down from this area will be a major factor in determining the direction of the future longer-term trend. Trend Analysis The Bitcoin price is stuck between two critical levels: The $10,500 resistance area, below which it has been
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Valdrin discovered cryptocurrencies while he was getting his MSc in Financial Markets from the Barcelona graduate school of Economics. Shortly after graduating, he began writing for several different cryptocurrency related websites as a freelancer before eventually taking on the role of BeInCrypto's Senior Analyst.

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