Bitcoin price stabilizing above $10000: New highs in sight?

King coin or the king of cryptocurrency Bitcoin BTC is doing well for the past few days and Bitcoin price is now stabilizing above the $10000 mark. Whether the Bitcoin whales have been manipulating the market or not becomes an irrelevant subject when the overall market sentiment is good and people are making money.

Well, an unfortunate fact as it may be at the time of writing Bitcoin price stands at $10217.53 mark and the cryptocurrency has neared the $10300 mark twice during the past 24-hours.

Bitcoin BTC price chart 1 - 19 Feb 2020Bitcoin price chart by Trading View

While the 24-hour high point came not an hour ago at the $10289 mark, this is the third time Bitcoin has tested support to get past to the $10300 mark, but to no avail. Moreover, there isn’t much movement in the overall market sentiment since the crypto fear and greed index has actually dropped down three points since yesterday to a score of 50, at the time of writing.

Bitcoin price movement: What to expect?

Cryptocurrency trader and analyst Moiseiev Yurii is of the view that the BTC price is in for better gains. In his analysis, Yurii explains that the major resistance level stands at the $10250 mark and so far Bitcoin price has been unable to sustain past that point. However, if all goes as Yurii explains a new high above the $10400 mark could be achieved in the next 24-hours.

Bitcoin BTC price chart Moiseiev Yurii - 19 Feb 2020Bitcoin price chart by Trading View

On the other hand, another famed analyst and trader on the Trading View platform Danny Ward who goes by the name WyckoffMode believe that the gains are only temporary. In his analytical explainer video, Wyckoff explains that there is a good chance of pullback in the next 24 – 40 hours.

Although Ward is not sure as to when the cryptocurrency would actually get into the pullback motion. Explaining the possibilities he states that it can continue up to around $10,600 and pullback to $10,350 to establish $10,350 as support before continuing upward.

At the same time, he furthers that it is also very much possible that the Bitcoin price breaks past the $10,600 mark and if that happens it is likely to hit $11,493 mark before falling back to the $108900 range and establish support there.

Either way, it seems that the king of cryptocurrency is bound for new highs in the days to come, i.e. unless the Bitcoin price movement has contrary plans of its own. Caution is advised, as always, to help you make safe investments.

Featured Image by Garloon

Disclaimer: The information provided is not trading advice but an informative analysis of the price movement. Cryptopolitan.com holds no liability towards any investments based on the information provided on this page.

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