Speculation continues as to how Bitcoin (BTC) will behave in the very short term. New figures are released that are seen as key points for the near future of BTC. DeFi has crossed a symbolic bar for Bitcoin, which now weighs more heavily on networks like Ethereum (ETH).
The 10,700 USD will decide the fate of Bitcoin
The price of Bitcoin fell 3%, from $ 10,950 to $ 10,630 on the evening of September 28-29, 2020.
The most optimistic traders believe that Bitcoin is in the process of “claiming” the USD 10,700; some analysts believe that this level constitutes a pivot area for Bitcoin.
The crypto-trader Byzantine General identifies 3 key supports for Bitcoin : $ 11,800, $ 10,700, $ 9,800.
The $ 10,700 is crucial short-term support. If the bulls manage to defend the $ 10,700, it increases the odds of the $ 11,800 in October 2020.
Otherwise, it would increase the probability of a drop to the $ 9,800 level, also knowing that the gap CME isn’t far, at the $ 9,600 level.
Bitcoin is trading at $ 10,698 today, September 29, 2020, as of this writing.
The less optimistic think that Bitcoin is now bearish in the very short term after being rejected by such crucial resistance before the $ 11,000; this rejection and the “sudden” drop in Bitcoin that followed pose the threat of a significant decline in the markets.
The crypto-trader Benjamin blunts Expects a drop below $ 10,000, and even a low below $ 9,500.
Bitcoin explodes with DeFi
Data from Skew show that the value of Wrapped Bitcoins (wBTC) has now passed the billion dollar mark.
The wBTC however remained under the radar for 1 year, after its launch in January 2019. wBTC allow Bitcoiners to participate in the Challenge.
The explosion of the latter should theoretically increase the value of wBTC sure Ethereum.
Will the 10,700 USD hold? Trading Bitcoin is actually not for the nervous ones who should “settle” for HODl BTC. But numbers are what they are: numbers. We make them say what we want. And the DeFi? Will she continue on her momentum?
Hello, I’m Florian! I’m 24, I’m a man and I’m… Maybe I’m getting lost. I entered the Bitcoin, crypto and blockchain ecosystem at the end of 2017 and it has been love at first sight! You may know me by my secret identity: Cryptodidact! But, hush, when you see me with my glasses on, you have to see Florian, Hellmouth Deputy Editor … (those who have the reference, well done)