Bitcoin
Bitcoin Has Yet to Break Key Resistance Despite Strong Monthly Close
Cole Petersen | Oct 01, 2020 | 23:00
- Bitcoin is currently posting a somewhat weak attempt to shatter the resistance laced throughout the upper-$10,000 region
- A break above here could open the gates for a move post $11,200, which would mark an end to its recent bout of sideways trading
- That being said, the crypto has yet to firmly climb above one key level that an analyst is closely watching
- Until it does so, the significance of this recent push higher remains somewhat unclear
- Analysts are also noting that a downturn here could signal that serious losses are right around the corner
Bitcoin and the entire crypto market are attempting to push higher and put an end to the recent bout of consolidation.
BTC – which has been stuck between $10,200 and $11,200 – is now pushing towards $11,000, with this move coming about following a week-long bout of sideways trading between $10,600 and $10,800.
One trader is closely watching to see if BTC can break and hold above $10,900. He notes that a failure to do this could cause the cryptocurrency to plunge straight down towards $10,200.
A firm move past this level, however, could allow it to test its macro resistance at $11,200.
Bitcoin Pushes Towards $11,000 as Bulls Move to End Consolidation Phase
At the time of writing, Bitcoin is trading up just over 1% at its current price of $10,880. This is around the price at which it has been trading throughout the morning hours.
Until it is able to gain a foothold above $10,900, it remains unclear as to whether or not bulls will be able to sustain this movement.
BTC has posted multiple tests of $11,000 since its macro trading range was first formed. This has not resulted in any bull-favoring movements, which could mean that yet another rejection here could be imminent.
Analyst: BTC Reaches a Pivotal Level as Selling Pressure Degrades
One analyst emphasized the importance of $10,900 in a recent tweet, explaining that a firm break above this level could catapult Bitcoin higher, whereas a rejection here could lead it down towards $10,200.
“Bitcoin: Very boring market, $10,900 breaker until we can reach $11,200. Turning here and I’m expecting $10,200,” he noted.
Image Courtesy of Crypto Michael. Chart via TradingView.
Because bulls and bears are currently battling for control of Bitcoin’s short-term trend, it is highly likely that it will soon grow more apparent as to how intense the selling pressure around $11,200 still is.
Featured image from Unsplash. Charts from TradingView.
