The analysts consider Bitcoin to be a commodity and have calculated its marginal cost of production to estimate its intrinsic value.
While fundamentals do work in the long-term, short-term price action is usually dictated by sentiment and technicals. Let’s analyze the charts of the top-10 cryptocurrencies to determine the path of least resistance.
about BTC/USD price:
Bitcoin (BTC) bounced off the $11,178 support on Oct. 15 but the bulls could not sustain the price above $11,500. This weakness could have attracted profit booking by the short-term traders and shorting by the aggressive bears. It's good time to sell bitcoin to paypal usd
Rangebound and holding $11,000
But significant support at $11,000 is now a must-hold level to resume the bullish momentum, which may find difficulty clearing current levels as renewed coronavirus lockdowns are spooking investors.
Traders still remember the previous pandemic fear in March that caused prices of many assets across markets, including BTC, to drop severely.
Bitcoin to credit card eur daily chart shows a strict breakout above $11,000, which was critical for any bullish momentum.
However, sustaining support at $11,000 is a must for the bullish case to hold weight, making a test of the upper range at $12,000 increasingly likely.