Bitcoin Must Reclaim $9,400 To Stop The Bears
The crypto market looks better today with the most important coins trading in the green.
At the moment of writing this article, Bitcoin is also trading in the green and the king coin is priced at $9,144.01.
Bitcoin must regain $9,400
Bitcoin must reportedly reclaim $9,400 as soon as possible in order to change the bearish course, says Cointelegraph Markets analyst filbfilb.
Just recently, the trader warned that the situation facing Bitcoin was fast becoming make or break.
He said that BTC is nearing the end of the compression phase.
BTC Bulls need to reclaim $9400 quick sharp.
Coming to the end of consolidation/compression now.. doing so below the middle of the bbands is not typically a good sign.
Reclaim that level and happy to reconsider bearish bias. pic.twitter.com/KGmxeVmp8o
— f i l ₿ f i l ₿ (@filbfilb) July 16, 2020
The online publication mentioned above also notes that the attention focused on BTC/USD being stuck in a compression cycle which has lasted for multiple weeks.
“Compression refers to a pattern of higher lows and lower highs, with a trading corridor narrowing before a breakout. For Bitcoin, the danger lies in a potential climax occurring in bearish territory as denoted by the Bollinger Bands volatility indicator,” according to the same online publication.
They also make sure to remind readers that the Bollinger Bands consist of an upper and lower band surrounding a middle one.
Another important thing worth mentioning is the fact that they have historically captured both bullish and bearish moves by Bitcoin.
Institutional interest in Bitcoin continues to rise
In other news, we reported the other day that the institutional interest in Bitcoin is on the rise.
Huobi crypto exchange said that institutional interest in Bitcoin and crypto is on the rise, and investors continue to look for alternative asset classes.
This is an essential element needed for the mass adoption of cryptos.
CoinMarketCap is a website that provides cryptocurrency market cap rankings, charts, and more. It was purchased by Binance for $400M in 2020.
Andreas Townsend Author
I am a technical writer, author and blogger since 2005. An industry watcher that stays on top of the latest features, extremely passionate about finance news and everything related to crypto.