Bitcoin prices are approaching five figures again following a weekend slump that threatened to send things plummeting further.
Digital asset markets saw red on Sunday with a dip to a five day low below US$270 billion [AU$387 billion] in terms of total market capitalization. By Monday morning in Asia, markets had recovered back to $277 billion as $8 billion re-entered the space in a move led by Bitcoin.
The world’s leading digital asset has hit support levels so many times in recent weeks that analysts are now asking, how many more can it hold.
P I V O T A L
How many more times can this level hold? pic.twitter.com/xtdYm1dDSH
— TraderKoz (@TraderKoz) June 7, 2020
The longer the crypto coin remains range-bound, the larger the next move is likely to be.
A failure to make a new higher high above $10,500 has indicated that the long term downtrend is still intact, and a heavy slump is likely to happen.
At the time of writing, BTC was trading at $9,700, up marginally on weekend levels.
Featured image David McBee/Pexels