(MENAFN - FxPro)
Bitcoin is slowly slipping to an important round level of $10K. It seems that now all market participants are waiting for new market signals. Nevertheless, cryptocurrencies are more prone to decline in such periods. For the last day, BTC loses more than 5% and trades close to $10K. Decrease under the round level of $10K may provoke an increase in sales, giving rise to doubts that the first cryptocurrency is able to further develop the rally.
In case of an increase in sell-off, it is necessary to pay attention to the dynamics of BTCUSD near $9,450, through which the 50-day average passes, which served as a support level earlier in July.
Perhaps, only Bitcoin's ability to consolidate above $13K, the area of previous highs, can be a confirmation of a bullish trend. A positive news trigger for Bitcoin may be the news about the start of testing Bakkt's BTC futures platform among their clients all over the world, although in this case, it would be even better to hear something good from the regulators.
The FxPro Analyst Team