• 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
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin 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 Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN
  • 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
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin 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 Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN
Bitcoinist.com
No Result
View All Result
Nexo

This Crucial Bitcoin Support Could Propel BTC as High as $11,500

Cole Petersen by Cole Petersen
2 years ago
in Bitcoin
0
Advertisement
  • Bitcoin has stabilized following yesterday’s slight volatility, which allowed it to climb as high as $9,450 before hitting some notable resistance
  • Bitcoin has now broken out of the tight trading range that it was previously caught within
  • Analysts do believe that it is laying the groundwork to make a notable upside movement in the days ahead
  • According to one well-respected options trader, this movement could send it as high as $11,500 due to the strength of one crucial support level
  • If this explosive upside movement takes place, the entire crypto market will likely follow suit

Bitcoin is currently attempting to find some stability after breaking out of its long-held trading range yesterday.

The push past the upper boundary of its previous trading range at $9,300 is certainly a positive sign for buyers. However, BTC now faces resistance at $9,500, with even further selling pressure existing between $9,700 and $10,000.

5 BTC + 300 Free Spins for new players & 15 BTC + 35.000 Free Spins every month, only at mBitcasino. Play Now!

It will undoubtedly be difficult for the crypto to surmount these levels, although one analyst does think it is possible.

While speaking about the benchmark cryptocurrency, an options trader explained that he believes it could soon explode up towards $11,500.

He thinks that one crucial support level will help catalyze this movement.

BitStarz Player Lands $2,459,124 Record Win! Could you be next big winner?
Get 110 USDT Futures Bonus for FREE!

Bitcoin Show Signs of Strength Following Yesterday’s Move Higher 

At the time of writing, Bitcoin is trading down marginally at its current price of $9,400. This is around the level at which it has been consolidating for the past day.

Although it has so far been unable to break above the resistance at $9,500, the move past its previous range high is a positive sign.

As for where the cryptocurrency could go next, it will likely depend on its ultimate reaction to the heavy resistance in the upper $9,000 region.

One analyst specifically thinks that its trend will remain unclear until it breaks above $9,600.

While speaking about this price level, the analyst noted that the crucial range as of now is between $8,900 and $9,600.

“BTC — in all seriousness… nothing really matters with Bitcoin between this range. Break above or below and close a Daily… 3 day…Weekly candle and then we have something notable,” he explained.

Bitcoin

Image Courtesy of Chonis. Chart via TradingView.

Options Trader: BTC Poised to Make a Major Push Higher

One options trader recently put forth a chart with an $11,500 price target for Bitcoin.

If this target were hit, it would mark a fresh yearly high for the crypto.

As seen in the chart below, the support at $9,200 has become significant, and a revisit to this level could be all that is needed to spark a massive rally.

Image Courtesy of Chase_NL. Chart via TradingView.

How Bitcoin reacts to the critical levels it is hovering between should provide investors with greater insight into its mid-term outlook.

Featured image from Shutterstock.
Charts from TradingView.
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

short bitcoin

Inverse Bitcoin ETF Sees 300% Increase In Short Interest

8 hours ago
Bitcoin

Bitcoin Bear Market Sends On-Chain Metrics Into Sideways Trend

12 hours ago
bitcoin addresses

Decline In Bitcoin Active Addresses Suggests Market Is Purging Paperhands

14 hours ago
South African Firm Raises $150 Million To Introduce Crypto Water Tokens Dubbed H2ON

South African Firm Raises $150 Million To Introduce Crypto Water Tokens Dubbed H2ON

23 hours ago
Jordan Belfort

Jordan Belfort, The ‘Wolf Of Wall Street,’ Advises: Buy Bitcoin Today And Make Money

1 day ago
Bitcoin

Bitcoin Saw Largest Ever Monthly Withdrawal From Exchanges In June

2 days 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
© 2022 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
    • Press releases
  • Price
    • Bitcoin Price
    • Ethereum Price
    • Litecoin Price
    • Binance Coin Price
    • Monero Price
    • MimbleWimbleCoin 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 Btcoin
    • What is Facebook Libra?
    • Ripple and XRP: The Complete Guide
  • Play Games
  • BET&WIN

© 2021 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.