• Press Releases
    • Submit a press release
    • Read All
  • Advertise
  • Contact us
Crypto.com Logo Crypto.com Logo
Bitcoinist.com
No Result
View All Result
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Win 1 BTC
Breaking News: This Bankrupt Crypto Firm Returns 27,000 Mining Rigs To Pay Off Loan
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Win 1 BTC
Bitcoinist.com
No Result
View All Result
Breaking News: This Bankrupt Crypto Firm Returns 27,000 Mining Rigs To Pay Off Loan
Ripple XRP Crypto
Advertisement

Bitcoin Just Shattered an “Optimal Short” Level; Here’s What This Means

Cole Petersen by Cole Petersen
3 years ago
in Bitcoin
0
Advertisement
  • Bitcoin saw a surprising overnight surge that allowed the cryptocurrency to capture a position within the $8,000 region
  • This movement came about after an extended period of consolidation and multiple firm rejections at $7,800
  • BTC’s present momentum may not last too long, however, as the crypto is fast approaching a level that analysts are describing as an “optimal short” due to the resistance that has been established here

Bitcoin’s intense uptrend from its recent lows of $3,800 has extended even further today, with bulls catalyzing an intense upwards trend that has allowed the crypto to surmount its previous resistance at $8,000.

This uptrend is showing some signs of strength as well, as BTC has yet to face any sort of harsh rejection that leads its price to plummet significantly lower in a sustained fashion.

Don't wait! Jump on this Crypto Deal and get a 150% Welcome Bonus plus 100 Free Spins on your deposit today!

There is one level that analysts were previously calling an “optimal short” entry that has since been shattered above, opening the gates for the benchmark cryptocurrency to see some massive upwards momentum in the days ahead.

Bitcoin’s Intense Uptrend Shows Few Signs of Wavering

At the time of writing, Bitcoin is trading up just over 11% at its current price of $8,650 – marking a notable climb from daily lows of under $7,700 that were set yesterday while the crypto consolidated.

The previous key level that bulls needed to surmount to sustain their momentum sat at roughly $8,350, and the break above this “optimal short” level in the last hour may prove to be significant for bolstering its trend.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
570% up to 12 BTC + 300 Free Spins for new players & 1 BTC in bonuses every day, only at Wild.io. Play Now!

A pseudonymous options trader spoke about the importance of this level in a tweet, explaining that the break above it could open the gates for a movement up to $9,200.

“I believe 8350 area is the optimal short, give or take 100 points in either direction. Break & close above 8350 (need to watch it hold as support then push to a new local high) & I’m bullish to 9200. Weekly chart shows these levels to be significant IMO,” he explained.

Bitcoin
Image Courtesy of Chase_NL

It’s Not Clear Skies for BTC Yet

Even if Bitcoin does decisively break above $8,350, this doesn’t mean that it will then find itself caught within the throes of a full-blown bull trend.

Another popular pseudonymous analyst explained that BTC’s high-time-frame resistance sits within the upper-$8,000 region, with a clean break above this weekly supply level being enough to lead the crypto back into the five-figure price region.

“HTF update. Blue will be crucial for me. OTE lining up with our weekly mid-range and clean weekly supply. If we manage to get above that I’ll be looking for much higher targets,” he said while referencing the below chart.

Image Courtesy of George

The coming hours and days will likely prove to be highly volatile for Bitcoin, but how it reacts to these key levels that lie directly ahead of it will offer invaluable insight into the long-term significance of its rebound from $3,800.

Featured image from Unplash.
ShareTweetShareShare

Sign Up for Our Newsletter!

For updates and exclusive offers enter your email.

I consent to my submitted data being collected and stored.

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.

Related Posts

tulip mania bitcoin

Celebrating The Tulip Mania Anniversary With Bitcoin & Crypto

9 hours ago
Bitcoin Long-Term Holders Now Hold 78% Of Supply, Highest Level Ever

Bitcoin Long-Term Holders Now Hold 78% Of Supply, Highest Level Ever

12 hours ago
Bitcoin

Why Bitcoin Is Among ‘Hottest Subjects’ On Earth, According To ‘Rich Dad’ R. Kiyosaki

15 hours ago
Bitcoin BTC BTCUSDT

Ralio Dalio Praises Bitcoin For 12 Years Of History, But Issues Warning

1 day ago
Bitcoin Mining

Bitcoin Mining Could Help Scale Solar Power, Report Reveals

1 day ago
Bitcoin Inches Closer To $24K As Fed Bares ‘Disinflationary Process’

Bitcoin Inches Closer To $24K As Fed Bares ‘Disinflationary Process’

2 days ago
Please login to join discussion

Premium Partners

Premium Casino Partners

Top Casinos

BitStarz
BitStarz
Punt Casino
Punt Casino
mBit
mBit
Metaspins
Metaspins
1xBit
1xBit
Coinplay
Coinplay
K8
K8
Vegas Casino
Vegas Casino

Sportbooks

Coinplay
Coinplay

Press Releases

  • The Three Best Cheap Cryptos To Buy Now – Snowfall...

    17 hours ago
  • Could Big Eyes Coin Bring Warmth To The Long Winter? How...

    17 hours ago
  • Cryptocurrencies That Connect With Their Community...

    17 hours ago
  • Rivalry Between Dogecoin and Shiba Inu Escalates as Big...

    17 hours ago
  • Get Rich While Gaming: RankerDAO Offers Unlimited Potential...

    19 hours ago

Bitcoin news portal providing breaking news, guides, price analysis about decentralized digital money & blockchain technology.

Bitcoin

  • News
  • Price
  • Businesses
  • Acceptance
  • Technology
  • Investment
  • Regulation
  • Reviews

Altcoins

  • News
  • Price
  • Ethereum
  • Ripple
  • Litecoin
  • EOS
  • NAGA

Categories

  • Blockchain
  • Security
  • FinTech
  • Technology
  • Trending
  • Breaking News
  • Press Releases
  • How to

Pages

  • Contact us
  • Editorial Policy
  • Advertise
  • Crypto Prices from Nomics
© 2023 Bitcoinist.com. All Rights Reserved.
  • Bitcoin
    • News
    • Price
    • Businesses
    • Acceptance
    • Technology
    • Investment
    • Regulation
    • Reviews
    • All Bitcoin News
  • Altcoins
    • News
    • Price
    • Ethereum
    • Ripple
    • Litecoin
    • EOS
    • NAGA
    • All Altcoin News
  • Tech
    • Blockchain
    • Security
    • FinTech
  • Industry
    • Industry News
    • Press Releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
  • How to
    • Buy gift cards/mobile Top Ups with Cryptos
    • What Is Bitcoin?
    • Best Bitcoin Wallet
    • Bitcoin vs Ethereum
    • Why Use Blockchain Technology?
    • Bitcoin Cash ABC vs. Bitcoin Cash SV
    • How to Buy Cryptocurrency
    • Bitcoin Mining
    • Best Bitcoin Brokers
    • Best Bitcoin Forex Brokers
    • How To Earn Bitcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
    • Bitcoin Casinos – Where, What and How to Play
  • Events
  • Play Games
  • Play Casino Games
  • Win 1 BTC

© 2022 Bitcoinist. All Rights Reserved.

This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy Center or Cookie Policy.