Bitcoin seems to find support after bouncing off $10000

by in Cryptocurrency News

Bitcoin seems to find support after bouncing off $10000

Bitcoin had hard times, it was bouncing around $10000 level for about two weeks and now it seems that the coin has finally found support.

Related: Burger King Venezuela now accepts crypto payments

The leading cryptocurrency decreased in price and dropped below the lower limit of its GTI Vera Band indicator, which is measuring down and up trends, potentially signalling that a short-term spike could be soon. In the past four cases, when the coin dropped below the limit it quickly gained its price back.

Bitcoin is finding support at level $10000, testing the rate level four times over the last week and bouncing back every time. It is going to break above its short-term high of $12316, which the coin reached in early August.

The cost of Bitcoin has faltered within the $10,000 span, even as it faced its most critical five-day drop since November last week, heading to its loss as a recognised refuge amid times of global market turbulence. BTC is falling around 3% since Friday. It was the only crypto coin to be sold lower on Thursday.

Some advanced investors are now predicting that cryptos can come under tension again as world leaders convene at the Group of Seven meeting in France this weekend. Many of them recognise a possible repeat of the recent lambasting of cryptocurrencies by governors against Facebook Inc.’s plans to build a stablecoin, which drove prices lower.