Bitcoin Price Hits Fresh Yearly Highs, Profit Taking Push the Price Below $10000

[Yonis SEO]

Bitcoin price gives up early Asian session gains and retreats below the critical $10000 mark. BTCUSD managed to make fresh four-month and yearly highs at $10199. As we discussed in our Bitcoin analysis last Friday the Bitcoin price bulls targeting a break above $10000 that happened earlier and now needs a close above that mark. Bitcoin has formed a strong base at $9550 and the momentum is bullish as long as the crypto pair is trading above that level. The trend remains bullish for bitcoin, and investors will be looking for opportunities to buy dips.

Crypto investors hope for the widespread adoption of cryptocurrencies as the main factor fueling the 2020 rally. The options on bitcoin futures by the CME improves investor's sentiment of approval of the digital assets by large institutional investors as the volumes increase.

Source :
https://www.investingcube.com/bitcoin-price-hits-fresh-yearly-highs-profit-taking-push-the-price-below-10000/

[andamarina]

Will go maybe more down to 9700 usd again and after follow a good grow, but even so the bull run and new huge price can happen after halving.

[Gozie51]

Price is surging high now at $10,376. I think that we are about to see a confirmation of bull when we leave the 10,000 range to 11,000. Everything seem good at this moment as price have gradually got to this range since 4 months.

[bgaf]

Will go maybe more down to 9700 usd again and after follow a good grow, but even so the bull run and new huge price can happen after halving.

Check the current support I doubt this will happened for quite some time. It is indeed have back up on 10k level so I think this is our current mark point to begin with. Also I can still see a huge buy orders on major exchange so this is impossible to happened for few days. It's hard to drag it down for now.

Price is surging high now at $10,376. I think that we are about to see a confirmation of bull when we leave the 10,000 range to 11,000. Everything seem good at this moment as price have gradually got to this range since 4 months.

I think it could go higher than 10,600 bit later tonight. If you would noticed the pattern it is same with the last bull run when the price hits on this mark it is unstoppable and only minor corrections will be seen. I dont want to expect but hoepfully the trajectory will continue.

[snipie]

Price is surging high now at $10,376. I think that we are about to see a confirmation of bull when we leave the 10,000 range to 11,000. Everything seem good at this moment as price have gradually got to this range since 4 months.

Volatility with some big whales intervention could make the price fluctuates between $9k and $11k for some time.
If the bitcoin price will continue the that or at least stabilises until the halving then we will have an excellent year 

[The Sceptical Chymist]

Will go maybe more down to 9700 usd again

I think bitcoin actually did get as low as that after you wrote your post a couple days ago, but I'll be damned if it didn't rebound as quick as a bunny back to above $10k (barely).  We're not quite at the 2019 highs yet--or even the 2017-18 highs, but the year has definitely started off higher than last year in January, so that's something positive.  I think bitcoin was at around $3200 at the beginning of 2019 and I don't think I expected it to hit 5-figures all year, yet it did. 

And 2020 is looking to be pretty sweet so far, although I'm well aware that anything can happen.

[criza]

Year 2020 is the year of opportunity for investors and traders because, we could see the value of Bitcoin making its progress towards a new all time high record. Currently, bitcoin value is still struggling, and rapidly changing every hour day by day. As I have observed yesterday, Bitcoin's value drops and leaps back and forth from the $10,100-$10,500 range, from the past weeks of development on the price of Bitcoin, there is more resistance in the said bracket causing its price to increase and decrease fast. Right now, the price is in $10,200, and I could feel that it might set a new record in this coming weeks.

[barbara44]

In 2017 we were focusing on too much about adoption and just using it everywhere, there was ton of new people and all of them came here to either make a profit or spend it somewhere like simple stuff such as paying your bills with it etc.

Nowadays we got smarter, we want bitcoin to be money itself and we want it to be used everywhere, but the main reason people use it is to get richer, they want to buy bitcoin low and sell it high so they could have more fiat currency in their real wallets. So now in the past 3 years, instead of using it on amazon, steam, microsoft or whatever, we have actually hyped the financial institutions with it, the wall streets of the world because that is where bitcoin could actually find itself a home and be adopted heavily as well.

[pooya87]

Will go maybe more down to 9700 usd again

I think bitcoin actually did get as low as that after you wrote your post a couple days ago, but I'll be damned if it didn't rebound as quick as a bunny back to above $10k (barely). 

this jump back is exactly why i believe the recent drop had very little to do with "profit taking" and was mostly manipulation at its strength trying to push the price down. considering how many FUDs i read in the past week i think it is a safe assumption.

[michellee]

Just be careful with anything that may happen because now, bitcoin price is down, and we don't know how deep the price will start to rise. If you have more money, then you can prepare your money and place an order buy at the low price you want so you don't miss the opportunity to buy bitcoin. If bitcoin price really down below $10,000, then you will get your chance to buy bitcoin at a low price by analyzing how deep the price will go. But still watching the price, so you know more about what is going on in the market.

[Juggy777]

Will go maybe more down to 9700 usd again

I think bitcoin actually did get as low as that after you wrote your post a couple days ago, but I'll be damned if it didn't rebound as quick as a bunny back to above $10k (barely). 

this jump back is exactly why i believe the recent drop had very little to do with "profit taking" and was mostly manipulation at its strength trying to push the price down. considering how many FUDs i read in the past week i think it is a safe assumption.

@ppoya87 you’re one of those rare people who’s going against the popular opinion as many believe that bitcoin prices tanked because people sold it for profits, and your logic does sound interesting because FUD news are indeed making a comeback in the crypto market. However I’m keen to know which FUD news according to you had a major impact on bitcoin prices, also do you believe that bitcoin prices can cross $11k once the FUD news impact starts to fade away?.

[Wexnident]

It was probably just a few people selling off their coins, exiting the market peacefully. This holds only temporarily though since I believe the strength of FOMO in the market is quite strong. The start off of the year is actually quite nice since the market hasn't really experienced any huge drops so far, and is mostly about correcting the price of BTC before pushing through once more. The FOMO itself is making itself increase, especially if you see the growth of BTC from the start of the year.

In 2017 we were focusing on too much about adoption and just using it everywhere, there was ton of new people and all of them came here to either make a profit or spend it somewhere like simple stuff such as paying your bills with it etc.

Nowadays we got smarter, we want bitcoin to be money itself and we want it to be used everywhere, but the main reason people use it is to get richer, they want to buy bitcoin low and sell it high so they could have more fiat currency in their real wallets. So now in the past 3 years, instead of using it on amazon, steam, microsoft or whatever, we have actually hyped the financial institutions with it, the wall streets of the world because that is where bitcoin could actually find itself a home and be adopted heavily as well.

I guess so. But really, most of the traders participating in the BTC market are all in it for the profit, BUT they do advocate the idea of BTC being a mode of currency transaction. Both are being done hand in hand, and as such, has made quite the development in the crypto scene IMO.

[mahilchii]

It's always good to see when BTC is performing 2020 is showing some good sign of pump but I personally feel like BTC might go down before halving happens also I did few research where it looks complicated.

The crypto market is more volatile than any market the world has ever seen the reason why I am telling is it's not what we do but it's what we don't have to do.  

[batang_bitcoin]

Everyone has to set their own selling point before an uptrend or downtrend comes and looks like the charts are showing it's dominance to everybody. Regardless of the price those point sellers have done as long as they've managed to get in quickly, they are still good.
It's a basic activity for everybody to take their profits if they have been very patient and went through several months-years of disappointment.

[fortunecrypto]

Those who can afford to buy and willing to risk are very much into profit now I bought Bitcoin when it hit the $8000 level but also quick to sell it when it hit the $9500 mark for a quick profit but since halving is now coming and there is no sign going down, so I prefer to HODL my coin and wait for another all time high.

[TravelMug]

Bitcoin as of late has been hovering around $10200-$10300 in the past 48 hours or so. Its not going down to that $1000 price. And it's possible that the price could still make some run next week as usually, weekends is kind of slow as traders takes profit or just busy on weekends.

But I don't think the push has to do with those CME's, there are a lot of buyers who are entering because of the bitcoin halving in May. And this news is enough catalyst to see the price moving up again at the end of the month specially as we get closing to the exact date of the halving.

[pooya87]

Will go maybe more down to 9700 usd again

I think bitcoin actually did get as low as that after you wrote your post a couple days ago, but I'll be damned if it didn't rebound as quick as a bunny back to above $10k (barely). 

this jump back is exactly why i believe the recent drop had very little to do with "profit taking" and was mostly manipulation at its strength trying to push the price down. considering how many FUDs i read in the past week i think it is a safe assumption.

@ppoya87 you’re one of those rare people who’s going against the popular opinion as many believe that bitcoin prices tanked because people sold it for profits, and your logic does sound interesting because FUD news are indeed making a comeback in the crypto market. However I’m keen to know which FUD news according to you had a major impact on bitcoin prices, also do you believe that bitcoin prices can cross $11k once the FUD news impact starts to fade away?.

in my experience when there is "profit taking" where short term traders sell their asset to take the profit out they don't buy back right away. instead they sell and wait for the price to "correct" and reach a lower level and then buy back. and because of that the whole process is a lot slower than what we saw.
but when it is panic sell or manipulation and the number of sellers is small, we see a fast jump back like what we had.
the FUD i'm referring to is all the "speculations" saying price will fall down to low prices ranging from $6k down to $4k.

as for $11k and the near future, i am not sure at this point. but i think there is a good point that we actually see a drop below $10k and remain there for some time before price rises to $11k. not so much because of FUD but mainly because attempts to reach it so far have failed and there may be a sell off.

[FanEagle]

It is once again over 10 thousand dollars right now, I know people are worried about this price because we have previously (like only 6 months ago or something) we moved above and below these prices and reached as low as 7 thousand dollars (even a bit lower) so people are worried what if the same thing happens again.

You have to realize that bitcoin is a scary investment for many people, when you invest into stocks you know that as long as the market stands and there is no bear run, the company you invested could very well be a good company that keeps on profiting, however bitcoin can do anything at any moment, it could be $15k tomorrow or it could be $7k and that is why these corrections happen. People see the price go up, they profit, they sell and take out their profit.