After posting a strong recovery from its recent lows of $9,500, Bitcoin (BTC) has been able to further extend its upwards momentum and is now nearing the next key price hurdle that could determine which direction it trends in the near-term.
Bitcoin’s surge from its weekly lows of $9,500 signals that buyers are currently in control of its price action, despite facing numerous rejections at $12,000 over the past couple of weeks.
Bitcoin Surges to $10,700 as Bulls Continue Flexing Their Strength
At the time of writing, Bitcoin is trading up over 2% at its current price of $10,680, which marks a significant recovery from its recent lows of $9,500 that were set during a bout of capitulation last week.
The subsequent recovery that followed BTC’s drop to this price level was a critical sign that showed that despite the downwards pressure the crypto faced after being rejected at $12,000, bulls were not ready to allow bears to push the cryptocurrency into yet another macro-downtrend.
It does appear that $11,000 is the next key hurdle that Bitcoin will face, as a decisive movement above this price level will likely lead it to climb significantly higher, with the next level of resistance existing at $12,000 – which has proved to be an insurmountable level of resistance on multiple occasions throughout the past few weeks.
The Cryptomist, a popular cryptocurrency analyst on Twitter, explained in a recent tweet that she is currently bearish on BTC, in spite of its recent pump.
“$BTC: Feel this move may be short lived. Rising wedge on multiple time frames including 3hr RSI,” she noted.
Feel this move may be short lived
Rising wedge on multiple time frames including 3hr RSI
Trade safe loveys pic.twitter.com/IqggXNVRND
— The Cryptomist (@TheCryptomist) August 19, 2019
Analyst: BTC Nearing “Do-Or-Die” Junction
DonAlt, another popular cryptocurrency analyst on Twitter, also shared his thoughts on Bitcoin in a recent tweet, noting that he believes that the crypto’s current price region marks a “do or die” level for BTC that could set the tone for which direction it trends in the coming days and weeks.
“$BTC update: Somehow a mixture of well-respected level and chop. The daily and the 4h are at resistance. If those break I’d expect another leg up. It’s a bit of a do or die situation. I very much doubt any supports are going to hold another test,” he explained while referring to the below chart.
Somehow a mixture of well-respected level and chop.
The daily and the 4h are at resistance.
If those break I’d expect another leg up.
It’s a bit of a do or die situation.
I very much doubt any supports are going to hold another test. pic.twitter.com/GiMuv8IZv3
— DonAlt (@CryptoDonAlt) August 19, 2019
While keeping this analysis in mind, it does seem critical that Bitcoin continues climbing higher, or else its previously robust support levels throughout the $10,000 region may not be enough to stop it from plummeting lower.