I'm really was expecting that it hit the $10k mark last week but unfortunately it was'nt.That's typical here in crypto,today it may down a little bit and the next day it rises up.But one thing for sure, it will break that $10k barrier and moves beyond in the right time.
There is a kind of oasis effect to all markets, it works in reverse. The more people expect or envisage a certain price point the more it becomes magnetised or significant in trading action. 10k for example becomes a point of sale just for being a round number, nevermind that in each country this number is actually different and not exactly or even close to 10,000.
Dollar is the main trading currency so that is why its susceptible to this collective image projection or mirage as I call it. When we get there and cross through 10k we will find it was not actually what we thought and not that important.
However saying that, close by now because we have gone sideways for a few months now collectively is the 200 day average so this area has become significant just because of rebounding so often around this point.
More succinct is to just post a graph update to what I posted previously:
the blue line is the 50 day average, I'd guess we are neutral to negative short term in absence of buying especially.
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I'm positive that many who are.saying to buy the dip doesn't buy the dip and panic. Probably some doesn't even own btc.
The case for BTC is utility and a requirement to use based on greater efficiency then FIAT in various countries globally. Speculators can do whatever they like, say or do nothing but I'd hope we are not too reliant on traders but actual users. Exchanges are just the most apparent price direction but really fundamentals will give us a direction longer term, its a slower process to observe.