In a significant change of the sorts, the value of Bitcoin has not moved fractionally in the last six weeks. The current stablecoin phase is similar to the 2017 situation.
Back in 2017 the value of Bitcoin remained stagnant at around $900 for the first three months of the year. But it was followed by a smashing 300% move in the second half which kept growing.
Dip in Bitcoin trend
The first quarter of 2020 was vicious for Bitcoin. It was a period which saw the lucky investors buying a whopping 180% ROI on their investment.
But the position miners find themselves makes Bitcoin unique. At the moment the miners have half of the Bitcoins to sell. Meanwhile, Bitcoin is less than 1% away from breaking out of this downward channel.
At present the cost of Bitcoin is stagnant at below $9,300 and the descending channel on the daily is a mere $9,350. It should be understood that the final support before signaling a greater move down at $8,350.
The bullish phase
In case the price of Bitcoin goes past $9,350, there are few phases of resistance which should be overcome before it reaches the $11,500 mark.
There is a large sell wall around $9,500 on Binance, according to the Tensorcharts heatmap. In the current scenario, attacking the multiyear resistance level of $10,500 looks on the cards.
