Bitcoin and the entire cryptocurrency market have been caught within a bout of sideways trading throughout the past few days and weeks. Both buyers and sellers have reached an impasse as the crypto remains caught between $10,200 and $11,200.
Where the entire market trends in the mid-term may depend largely on BTC’s reaction to $11,000 – assuming this level is tested in the near-term.
If it faces another rejection here, this could be a grave sign that indicates significant downside is imminent in the near-term.
That being said, the cryptocurrency may continue to be boosted by the strong monthly close that it posted yesterday.
Bitcoin Pushes Towards $11,000 as Selling Pressure Dissipates
At the time of writing, Bitcoin is trading up just over 1% at its current price of $10,900. This is around the price at which it has been trading throughout the past few hours, with buyers now attempting to garner further support.
Although BTC is pushing up against a slight resistance region already, the key level that needs to be broken in the near-term is $11,200.
This surmounted, this could mark a turning point for Bitcoin that allows it to rally significantly higher in the weeks ahead.
Analyst: BTC’s Monthly Close Bolsters Bull Case
Image Courtesy of Josh Rager. Chart via TradingView.
This macro close may be contributing to today’s strength.
If Bitcoin can break above the lower-$11,000 region, significantly further upside may be imminent in the near-term.
Featured image from Unsplash. Charts from TradingView.
Originally from Bitcoinist.com https://ift.tt/2GsF4Au
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