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Breaking News: BREAKING: Saylor's Strategy Misses S&P 500 Inclusion, Robinhood Takes Spotlight

As Bitcoin Consolidates, Here are the Crucial Levels that Will Determine Its Future

Cole Petersen
by Cole Petersen
4 years ago
·
Posted in Bitcoin
Trusted Editorial content, reviewed by leading industry experts and seasoned editors. Ad Disclosure
  • Bitcoin has seen a strong rebound from its recent lows, but the cryptocurrency still remains caught within a firm consolidation phase between $9,900 and $10,300
  • The benchmark crypto is currently testing the upper boundary of this range, but its momentum is somewhat tempered at the moment and appears to be faltering
  • Whether or not it can push any higher in the near-term may depend almost entirely on how it reacts to $10,300
  • One analyst is noting that a firm break above this level could be all that is needed for the crypto to see a strong push back up towards $11,000

Bitcoin is showing some signs of strength today, as it was able to avoid a plunge on a rocky open to the stock market futures yesterday afternoon, only declining as low as $9,950 before rebounding to $10,100.

In the time since, futures were able to rebound and allow the equities market to see a strong open, which in turn provided Bitcoin with a much-needed boost.

It is important to note that BTC has yet to break above the key near-term resistance that may be suppressing its price action.

One analyst is setting his sights on $10,300, noting that a clean break above this level could spark a move up towards $11,000.

Bitcoin Shows Signs of Strength Following Rocky Afternoon Yesterday

At the time of writing, Bitcoin is trading up just under 1% at its current price of $10,220, which is around the price at which it has been trading throughout the past few days.

Yesterday afternoon, however, bears attempted to thwart this stability when they pushed the crypto down to lows of $9,950, with this drop coming about in tandem with a bloody open to the stock market futures.

Bulls held strong, however, and the ongoing rebound that the stock market is seeing has provided BTC with some momentum.

Analyst: BTC May Rocket Towards $11,000 if It Can Hold One Key Level

One analyst explained that breaking and holding above $10,300 could be all that Bitcoin needs to start rallying towards $11,000. He also notes that $10,000 is the key support it must continue defending.

“Still holding between two crucial levels here. Support at $10,000 is holding, while a breakthrough of $10,225-10,300 could trigger a continuation towards $10,600 and possibly $10,800-11,000,” he explained.

Bitcoin

Image Courtesy of Crypto Michael. Chart via TradingView.

Because Bitcoin has already tested this resistance on a couple of occasions throughout the morning, it should soon grow clear as to whether or not it will hold strong.

Featured image from Unsplash.
Charts from TradingView.
Editorial Process for bitcoinist is centered on delivering thoroughly researched, accurate, and unbiased content. We uphold strict sourcing standards, and each page undergoes diligent review by our team of top technology experts and seasoned editors. This process ensures the integrity, relevance, and value of our content for our readers.
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Cole Petersen

Cole Petersen

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Cole is a cryptocurrency analyst based in Los Angeles. He studied at the University of California Irvine and has been interested in Bitcoin and the crypto markets since 2013.

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