- Bitcoin has been flashing some mixed signs to investors as of late
- Despite seeing intense bullishness throughout the past week as it rallied from the lower-$10,000 region to highs of $12,000, analysts still remain cautious regarding where it may trend next
- Their present lack of bullishness is rooted in the cryptocurrency’s inability to close its weekly candle above $11,700
- This is a historically important level that analysts were closely watching over the past couple of days
- That being said, it has still maintained above its crucial macro support of $10,600 – leading one top trader to remain optimistic
Bitcoin and the aggregated cryptocurrency market are currently in a relatively good position despite the strong selloff seen just two days ago.
BTC has now entered what could ultimately be a consolidation phase within the lower-$11,000 region.
Buyers have been able to lace this region with strong support, as even the heavy selling pressure that came about as a result of the $12,000 rejection wasn’t enough to send it below $11,000.
One analyst is now noting that he believes the crypto remains strong as long as it continues holding above the mid-$10,000 region.
Bitcoin Consolidates Within Lower-$11,000 Region Following Rejection at $12,000
V času pisanja je dr. Bitcoin is trading up just over 1% at its current price of $11,225. This marks a slight climb from daily lows of $11,000 that were set yesterday as bears attempted to spark a short-term selloff.
The ardent defense of this support from bulls is a positive sign, as it shows that they still have the upper hand over bears.
En analitik razložiti that the rejection at $12,000 did strike a blow to the benchmark cryptocurrency’s technical structure, however, as it failed to close its weekly candle above the historically important $11,700 level.
The analyst offered the below chart showing the rejection that occurred just above this level.
Sodelovanje s Teddyjem. Grafikon prek TradingView.
As seen above, previous rejections at this level – like those seen last summer – had grave implications for the cryptocurrency.
Why Analysts Remain Optimistic that Further Upside is Imminent
Despite the potential weakness caused by the break below $11,700, another analyst recently razložiti that high time frame closes above Bitcoin’s weekly support at $10,600 and monthly support between $10,000 and $10,700 place it in a strong position.
“Monthly & weekly closed above resistance. Weekly support $10600, monthly support $10700-$10000. As long as we don’t get HTF closes below looking for buys around those supports & targeting higher is sane.”
If $12,000 does end up marking a local high that is followed by a short-term downtrend, Bitcoin’s reaction to these levels will be imperative for understanding its mid-term outlook.
Predstavljena slika iz Unsplash. Grafikoni iz TradingView.