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Bitcoin (BTC) and the aggregated crypto markets have been on a wild ride as of late, and this massive volatility was seen on wide display during this past week when Bitcoin sharply fell to lows of roughly $9,500 before quickly reversing and climbing back into the $10,000 region.
Now, analysts are noting that this current price region could mark an accumulation zone for all the large players that sold their Bitcoin around $13,800 at the peak of the recent bull run. If this is the case, then further gains could be imminent.
At the time of writing,Bitcoinis trading down marginally at itscurrent priceof $10,350, which is down slightly from its daily highs of $10,500.
Importantly, BTC seemed to solidify its foothold within the $10,000 region yesterday after Bakkt announced the approval and imminent launch of its physically settled Bitcoin futures product, which is widely viewed as being a bullish catalyst that legitimizes the markets.
Although this was undoubtedly a bullish event, it may have already been priced into the markets, as it only led to a roughly 4% price jump that has since subsided.
Furthermore, unless BTC is able to continue climbing higher in the near-future, the bullishness of its recent price jump may be invalidated, and its recent highs of $10,500 may simply mark a lower-high that is proceeded by another drop lower.
Despite Bitcoin currently being in a precarious position, Josh Rager, a popular cryptocurrency analyst on Twitter, explained in a recent tweet that Bitcoins recent lows may have marked a re-accumulation zone for BTC that will be followed by a move upwards.
$BTC: IMO, this seems just like one large re-accumulation happening after large players took profits near $14k. Price could drop down again but its highly unlikely it falls below the 20 MA (blue line) at high $8ks now. ATM, Ill take my chances at scaling in slowly week by week, Rager explained.
IMO, this seems just like one large re-accumulation happening after large players took profits near $14k
Price could drop down again but its highly unlikely it falls below the 20 MA (blue line) at high $8ks now
ATM, Ill take my chances at scaling in slowly week by /XJ4eiysgFn
Although only time will tell as to whether or not this potential accumulation zone will be followed by a movement upwards, it is highly probable that the week ahead will set the tone for which direction BTC trends next.
Cole is a freelance writer based in southern California, where hes an undergraduate at the University of California, Irvine. He focuses primarily on covering cryptocurrency and blockchain-related news. He owns a small amount of various major cryptocurrencies.
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