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10 August 2022
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Top Financial Outlet Issues Bitcoin (BTC) Price Alert As Crypto King Targets $10,000

Analysts at the financial outlet Bloomberg say Bitcoin may be hitting a wall and on the verge of a pullback.

The proprietary DVAN Buying and Selling Pressure indicator, which is designed to track BTC’s price, trend line and ideal exit points, is now printing a sell signal.

The indicator suggests Bitcoin’s 2020 rally may have stalled, with its first line of support standing at $9,500.

The crypto analytics company Santiment is also analyzing Bitcoin’s repeated attempts to sustain a rally above the psychological level of $10,000. Despite the firm’s “cautious optimism” on BTC, Santiment says Bitcoin’s trading volume remains king, and a surge in volume is required to power a renewed rally.

“…The rising price and falling trading volume does remain a concern as it indicates a bearish-ness in the air. This was also observed in the 2nd attempt to break $10,000 but failed.”

On the positive side, Santiment says its MVRV Long/Short Difference Indicator, which calculates the average profitability of all Bitcoin holders, has flipped bullish.

“Historically, when the MVRV Long/Short difference begins to rise above 0, it indicates the end of a bear cycle and we see the price moving upwards. And….. we just went above 0 a few days ago. If the aliens don’t invade us or the world [doesn’t] face yet another black swan event, we might just continue this run.”

Source: Santiment

As for the overall sentiment of the crypto markets, Santiment says data from Twitter suggests traders are fearful about BTC’s short term trajectory.

Traders were in a similar state of mind back in June of 2019, when sentiment turned negative as BTC dropped from $8,500 to $7,800. After the pullback, BTC then surged to its 2019 high of nearly $14,000.

At time of publishing, Bitcoin is down 0.27% in the last 24 hours at $9,707, according to CoinMarketCap.

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