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Nexo

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

Cole Petersen by Cole Petersen
2 years ago
in Bitcoin
0
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  • 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.

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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.

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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.

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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.
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Cole Petersen

Cole Petersen

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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