- Bitcoin’s price is largely stagnant in the time following its strong move up to $11,400
- This consolidation is bullish because it shows that bulls have enough strength to remain in control of BTC’s near-term trend
- The key resistance to watch in the near-term sits at $11,600. A break above this level would be technically significant and likely lead to further upside
- One analyst is now noting that he is awaiting today’s weekly candle close before deciding whether or not he wants to maintain his long-sided exposure
- He notes that a weekly close above one key level could lead to significantly further upside
Bitcoin and the entire cryptocurrency market have been stuck within a consolidation phase throughout the past few days, with BTC’s price stabilizing above its previous trading range highs of $11,200.
The strong break above this level was technically significant and helped allow it to see further upside.
The cryptocurrency’s weekly close is now just a matter of hours away, with a close above one crucial level potentially allowing it to see significantly further upside in the days and weeks ahead.
One trader noted that this weekly close will be critical for understanding Bitcoin’s mid-term outlook.
Bitcoin Consolidates as Weekly Candle Close Fast Approaches
At the time of writing, Bitcoin is trading up marginally at its current price of $11,400. This is around the price at which it has been trading throughout the past few days following its upsurge from recent lows of $10,600.
The cryptocurrency’s upwards momentum has stalled ever since it reached its current price levels.
Where it trends in the near-term will likely depend largely on how it reacts to $11,600, as this is the next key resistance level that may influence its mid-term trend.
Here’s the Key Level BTC Must Close Its Weekly Candle Above
One analyst explained that the upcoming weekly candle close will be a critical even for Bitcoin, as it may determine where it trends in the days, weeks, and even months ahead.
He specifically points to $11,300 as the key level to watch, as a close above here could provide BTC with a serious boost.
“The original decision to get long on BTC was validated with the continued strength. I’m out of the long now and awaiting an opportunity to buy spot and swing long or to remain flat. The weekly close will be important I need to see continued strength in holding above the red.”
Image Courtesy of Cold Blooded Shiller. Chart via TradingView.
The coming few hours should provide investors with significant insights into Bitcoin’s near-term outlook.
Featured image from Unsplash. Charts from TradingView.
