Price Analysis: $10,700 is a Key Level for Bitcoin as it will Decide Immediate Future Price

Bitcoin has a weak position today as its price plunged suddenly from $10,950 to $10,630. Currently, the price has recovered to some extent as the price is currently trading at $10,765.

Over sudden reaction by the top digital asset, crypto analysts and experts have different opinions. The majority of them believe that $10,700 is a very critical level for the immediate future. If Bitcoin becomes successful to move out from the spell of $10,000, the next level would be $11,000.

Three Macro Levels

A crypto trader and analyst with the Twitter name “Byzantine General” puts three levels for the top digital asset. These three macro levels include $10,700, $10,800, and $11,800. But he also calls $11,700 a critical level.

Another trader with the pseudo name “Benjamin Blunts” put another perspective for Bitcoin. According to the trader, the price could move below $9,500.

“Like clockwork, perfect tap of the 0.78 for BTC and savage rejection from it. expecting a new low below 9.5k from here, however am short ETH instead because I think it will fall more. make no mistake, this is a clear downtrend imo, back into mainly stables again.”

Blockchain and crypto analytics firm Santiment finds out that the address activity of Bitcoin has become slow. Such a pattern could result in selling pressure for Bitcoin. The researchers at Santiment said:

“Why is $BTC continuing to see drop-offs occur whenever we near $11k? Our DAA Divergence model indicates the network is seeing a severe lack of address activity. Today is the 5th most bearish output in the past 6 mths.”

Bitcoin Breaks New Record

Bitcoin has set another record as it stays above $10,000 for consecutive 63 days. Last time Bitcoin stayed above $10,000 for 62 days and it happened between December 2017 and January 2018. Since July 28, Bitcoin is trading above $10k, which is a great milestone. Bitcoin analyst at Quantum Economics, Jason Deane, dedicated this achievement to MicroStrategy’s interest in cryptocurrency.

“Price had just passed the $10,000 mark when their first acquisition announcement came on August 11, and the impact of this bold, ground-breaking move by Michael Saylor was to drive substantial confidence and credibility into the asset,” Deane said while talking to Decrypt.

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