Expected fate of Bitcoin
If Bitcoin Defends One Crucial Level, It May Soon Push Significantly Higher.
- Bitcoin appears to be forming a new consolidation phase as it trades between lows of $10,000 and highs of $10,800
- The cryptocurrency has been trading squarely between these two levels for the past several hours, being unable to post any notable rebound from yesterday’s downturn.
- The weakness that it expressed yesterday struck a serious blow to its near-term outlook, as it showed that the benchmark cryptocurrency might not have enough strength to maintain its position within the five-figure price region.
- One analyst is now noting that the continued defense of one key level could be enough to send Bitcoin surging significantly higher.
Bitcoin and the entire cryptocurrency market are stabilizing following the intense bearishness seen yesterday.
The strength BTC has expressed so far has been rather tempered, but bulls have been able to guard against any dip below $10,000.
One analyst is now noting that the cryptocurrency’s descent happened to grind to a halt the second it reached the upper boundary of its cloud formation, with this level acting as strong support.
He believes that a sustained bout of trading above this level could propel BTC significantly higher, helping it to reverse the technical damage done by this latest selloff.