Bitcoin Prone to Seeing Downside as It Trades Below Key Level

is currently stuck in an unrelenting consolidation phase between $11,200 and $12,000.

Both of these levels have been cemented as strong support and resistance, with both buyers and sellers struggling to break this range.

There’s no denying that Bitcoin’s mid-term trend remains firmly in the hands of bulls, but the stalling momentum it has seen seems to indicate that bears are trying to take back control.

One analyst is pointing to its ability to set “higher lows” on each dip as a positive sign.

This will need to lead the crypto to post a daily close above $11,900 for it to see any significantly further upside in the near-term.

Bitcoin Struggles to Maintain Mid-Term Uptrend

Starting in May, Bitcoin faced a multi-month bout of consolidation between $9,000 and $10,500.

This range eventually narrowed to between $9,000 and $9,300, with the crypto’s price coiling here.

The break above this macro trading range is what helped propel it up to its current price levels – sparking a mid-term uptrend.

This trend is now stalling, however, as bulls struggle to break the resistance that sits at $12,000.

One trader is pointing to Bitcoin’s ability to set higher lows during each dip as a positive sign.

He believes this means the crypto will run towards $11,950.

“Bitcoin – This is what you want to see. Rejection at first at $11,600-11,700 after which a new  HL is structured. Seems likely that we’ll be running towards $11,850-11,950.”

BitcoinHere are the Crucial Level Analysts Think BTC Needs to Close Above 

While speaking about Bitcoin’s near-term outlook, another popular analyst explained that he is watching for a daily close above $11,900 before he gets excited about further upside.

“BTC update: Another good 4-hr close above support. Price came down, retested and has bounced – will look for continuation to the upside. Still want to close above $11,900 on the daily,” he explained.

Unless Bitcoin breaks below $11,200 for a sustained period, its mid-term uptrend likely gives bulls an edge over bears.



[ad_2]

Leave A Reply

Your email address will not be published.