Need convincing reasons to purchase Bitcoin? President Trump signed a financial agreement that increases the US national debt by about $22.5 Trillion.
As soon as Bitcoin dropped below the $10,600 level and failed to climb over heavy resistance, it demonstrated a steep fall to $10,068 within a span of minutes. According to some analysts, the drop could possibly signal a short term trend line breakdown if the asset fails to close above $10,200.
On the weekly timeframe, the Bitcoin remains in the ascending channel; however, a decline to the support line may turn into a breakaway and a decline to the psychologically important level of $7,000.
On the weekly timeframe the Bitcoin keeps demonstrating an uptrend, preparing a new impulse of growth after a declining correction.
The BTC has been undergoing a correction for two days already. Generally it is trading at $11,500.
The BTC is correcting on June 27 after having made new local highs, and is trading around $12,182.
After hitting its new 2019-high close to $14,000 levels on Wednesday, Bitcoin price underwent a major pullback losing nearly $1.8K in just a few hours and is currently trading around $12,200 levels.
Bitcoin price upside momentum is gaining traction as a break above $12,500 serves as an upside catalyst. Considering that the price growth is accompanied by increased trading volumes, one might suggest that the trend will gain traction.
Bitcoin price set another new high for 2019 reaching $9,693 and is showing bullish trend line forming with support near $9,700 on the hourly chart of the BTC/USD pair that likely accelerates gains once it clears the key $10,000 resistance area.