Bitcoin Trim Losses: Is This The Start Of The Leg Up To $13 Million As Saylor Claims?

Bitcoin is steady at press time. After gains of September 9 through 10, it appears that buyers are building up the necessary momentum for a refreshing leg up. Though there are cracks, following the unexpected dump of September 7, the recent turn of events is net positive. For buyers to truly conquer and take over price action, the coin must float above $60,000. At the same time, the expansion must be with rising trading volume, signaling participation from aggressive bulls.

At press time, trackers show that Bitcoin is steady on the past day. Due to recent gains, it means buyers are trimming losses. Despite these gains, the average trading volume is low, remaining at $34 billion.

Traders are monitoring the following trending Bitcoin news:

• After days of sustained outflows, data shows that Bitcoin registered inflows. That institutions are flowing back is a huge confidence boost for sellers struggling after days of discouraging lower lows.
• Michael Saylor, the former CEO of MicroStrategy, thinks BTC will soar to as high as $13 million in the coming years. The bold prediction, the BTC supporter claims, will be due to rising adoption. Specifically, he pointed out the deflationary nature of BTC.

Bitcoin Price Analysis

BTC/USD is firm at spot rates, edging higher.

Technically, the reversal of September 7 is a confidence boost for traders.

As prices turn higher, peeling back losses, conservative traders can closely focus on the reaction between $58,000 and $60,000.

On the other hand, aggressive traders can choose to fade the primary trend. In that case, they can consider longs, with tight stops at September 7 lows. This support will be at around $52,500.

The first target would be $60,000 and later $66,000.

Any dump below $52,000 cancels out this bearish outlook, setting the foundation for more losses toward $45,000.