Bitcoin
Bitcoin Could Explode Towards $10,500 if It Holds One Crucial Level
Cole Petersen | Jul 06, 2020 | 23:00
- Bitcoin has been holding above its crucial support for the past few weeks, despite being subjected to heavy selling pressure
- This is a positive sign that seems to suggest further upside could be imminent
- There are some technical signs also supporting the notion that the crypto will continue pushing higher in the near-term
- One analyst is noting that BTC could rally past $10,500 if it continues holding above $8,800
- This level closely coincides with the crypto’s SMA50 – which is a crucial level bulls have been defending
Bitcoin and the aggregated cryptocurrency market are flashing mixed signs to investors.
After declining into the $8,000 region yesterday, buyers stepped up and catalyzed an influx of buying pressure that helped send BTC back into its multi-month trading range.
The break back above $9,000 has since sparked a slight uptrend that has led it to $9,300.
Despite facing some resistance here, analysts are noting that Bitcoin is building a strong base for an upwards movement due to its continual trading above multiple key levels.
One such level is $8,800, which a popular analyst claims could help spark momentum that sends BTC to fresh yearly highs.
Just below this price is Bitcoin’s SMA50, another crucial level that buyers have been ardently defending.
Bitcoin Maintains Above Crucial Technical Level as Bulls Stay in Control
At the time of writing, Bitcoin is trading up 2% at its current price of $9,250.
Its buyers have been struggling to surmount $9,300, as this happens to be the upper boundary of the trading range formed throughout the past week.
If this level is surmounted, BTC will likely take aim at the upper-$9,000 region. This area is laced with resistance and may be difficult for buyers to navigate through.
That being said, one analyst is noting that the crypto still remains in bull territory.
He explains that its ability to continue closing above its SMA50 suggests that this recent price action is “bullish consolidation under the resistance.”
“As long as btc keeps closing above SMA50, past months are more of bullish consolidation under the resistance to me,” he explained.
Image Courtesy of CryptoBirb. Chart via TradingView.
Analyst: BTC Poised to Push Past $10,500 as it Holds Crucial Level
In addition to holding above its SMA50, the benchmark cryptocurrency has also been trading above a crucial horizontal support level.
Another pseudonymous analyst explained that $8,800 is the level he is closely watching, as a continued hold above here could open the gates for a move past $10,500.
“This is what you should have seen. As long as price continues to close above 8.8k on the D3 TF, this hidden bullish div is likely to play out and send us to the moon (10.5k+).”
Image Courtesy of Credible Crypto. Chart via TradingView.
The coming days should provide insight into how substantial this bullish divergence is.
Featured image from Shutterstock. Charts from TradingView.
