The world’s largest cryptocurrency by market capitalization shot upwards on the daily chart, cementing a new high beyond June 22’s peak of $11,215. The move to another 2019 high comes after bitcoin’s price dropped to as low as $10,416 on June 23 before another surge of buying pressure pushed prices back above $10,750 within the same day.
Arkonix trader analysis had revealed that over the last few sessions, volumes have come back down, which indicates that buyers are not returning to the market with the same strength they were a few days prior.
"We see BTC retracing to $7000 support level, consolidating there until September 2019 before continuing it's ascent"
Over the past few days, the actual price has moved sharply below $11,000. This divergence between actual and intrinsic values carries some echoes of a coming plunge.
Moreover, the break below the $11,000 support level could only be the start of a short term downside correction specifically to prepare for the next wave of higher highs that would most likely lift Bitcoin above 2017’s peak probably towards $50k, as per BitMEX chief executive Arthur Hayes’ projection.
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