- Bitcoin and the entire crypto market are still caught in the same consolidation phase that they have been trapped within throughout the past few days
- The market has been struggling to maintain its momentum as its buy-side pressure wanes
- BTC’s current stability isn’t overtly bearish, however, as it also indicates that sellers don’t have any serious backing at the moment
- Where the entire market trends next likely depends on Bitcoin, which is currently trading above one crucial level
- One analyst spoke about this level in a recent tweet, explaining that a defense of this could be all that is needed for it to rally significantly higher
Bitcoin is currently hovering around $11,400, just as it has been throughout the past few days and weeks.
Its lack of momentum as of late has done little to offer any significant insights into where it might trend next, with buyers and sellers largely reaching an impasse as volatility and trading volume dives.
Bulls have made a few attempts to spark sharp upwards movements, but each one has resulted in firm rejections that cause far-reaching selloffs.
One analyst is now noting that BTC is still trading just above a crucial level. He notes that a defense of this level could help send the crypto rocketing higher.
Bitcoin Struggles to Gain Momentum as Selling Pressure Ramps Up
At the time of writing, Bitcoin
is trading down marginally at its current price of $11,390. This is a hair below where it has been trading throughout the past few days and weeks.
Bitcoin has moved up towards $11,600 on multiple occasions throughout the past few days, with sellers sparking harsh rejections each time this level is approached.
Until buyers can regain some control, its technical outlook remains somewhat unclear and may slightly favor bears.
Analyst: BTC Remains Above “Crucial Level” Despite Choppy Trading
The recent bout of sideways trading has not been enough to push Bitcoin below what one analyst is describing as a “crucial level.”
The chart he put forth shows this level existing around $11,300, and the chart seen below indicates that $12,000 will be the next logical target if this continues holding strong.
“Bitcoin: Pretty standard still. Wicky structure, but crucial level remains,” he said while pointing to the below chart.
Image Courtesy of Crypto Michael. Source: BTCUSD on TradingView.
Where the entire market trends next will likely depend largely on how Bitcoin continues reacting to its downside support at $11,300, as well as its upside resistance around $11,600.
Featured image from Unsplash.
Charts from TradingView.
Source: Bitcoin is Hovering Above a Crucial Level; Here’s What to Watch For