• Bitcoin has bounced off the $9,800 mark and is currently correcting to levels along the $9,600 mark
• Analysts describe that price movements in the coming days will determine whether Bitcoin will break through the $10,000 mark or undergo a correction to as high as $8,000.

Bitcoin’s price was unable to break through the $9,800 mark and is initially corrected downwards, stabilizing along the USD 9,600 mark at the time of writing. Bitcoin thus recorded a decline of 1.28 % to $9,597.19 within the last 24 hours. The market capitalization has fallen from $179 billion to $176 billion.

Bitcoin Trader Josh Rager describes that Bitcoin is in a tight price range, and he does not expect too many surprises or up or down movements for the weekend. It is important for him that Bitcoin closes above the $9,600 mark on the weekly chart, as this level represents the new support level.

The experienced analyst and crypto trader “Teddy” states that Bitcoin is at a crossroads that will decide whether Bitcoin will start a new uptrend or could initiate a sharp correction to the $8,000 level. He also believes that Bitcoin’s week-end closing will determine the trend for the coming days and weeks.

https://twitter.com/TeddyCleps/status/1268856417773027329

Big Chonis Trading describes in a short video together with BigCheds that Bitcoin has to hold the important mark of $9,600 on the weekly chart in order to avoid a major correction and thus further downward movement. Traders should be careful as volatility remains high.

In a new report, data analyst firm Arcance Research says investors are confident about Bitcoin’s future, but traders and investors alike should be paying attention. The company states that many investors are impatient and want to make big profits in a short period of time. This is also reflected in the increased “Fear and Greed Index”:

The Fear & Greed Index has been ranging between neutral and greedy lately… The greedy periods have been short-lived, and something investors should monitor if we finally stabilize above the neutral state.

The Altcoin market has also been trending sideways for the past 24 hours, with Ethereum, XRP and Litecoin also showing a sideways movement. Only Cardano (ADA) has seen a significant rise of over 70% in the last 30 days. The start of Shelley as well as the great expectation of the Cardano Virtual Summit taking place soon have driven the course in the last days and weeks.

Former employee of the Chinese central bank praises Bitcoin

Wu Xiaoling, former vice president of the People’s Bank of China, praises Bitcoin and calls it the biggest “commercial success” of the blockchain technology so far. Nevertheless, in her latest report, “Talking to Top Cadres about Digital Currencies,” she concludes that Bitcoin is restricted for private use:

Bitcoin is the most successful commercial application of blockchain technology. Bitcoin, as a private currency, has its market base, but it is also limited to the private currency field.

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