Bitcoin and the entire cryptocurrency market have been caught within a bout of sideways trading throughout the past few days and weeks. Both buyers and sellers have reached an impasse as the crypto remains caught between $10,200 and $11,200.
Where the entire market trends in the mid-term may depend largely on BTC’s reaction to $11,000 – assuming this level is tested in the near-term.
If it faces another rejection here, this could be a grave sign that indicates significant downside is imminent in the near-term.
That being said, the cryptocurrency may continue to be boosted by the strong monthly close that it posted yesterday.
Bitcoin Pushes Towards $11,000 as Selling Pressure Dissipates
At the time of writing, Bitcoin is trading up just over 1% at its current price of $10,900. This is around the price at which it has been trading throughout the past few hours, with buyers now attempting to garner further support.
Although BTC is pushing up against a slight resistance region already, the key level that needs to be broken in the near-term is $11,200.
This surmounted, this could mark a turning point for Bitcoin that allows it to rally significantly higher in the weeks ahead.
Analyst: BTC’s Monthly Close Bolsters Bull Case
While speaking about yesterday’s monthly and quarterly candle close, one analyst noted that the bull case for Bitcoin is growing.
“BTC: Monthly close looks fine for September (considering it was a down month with 15% pullback). Overall, the structure held & closed above $10,760 with a wick of almost 10% with buyers stepping-in at sub $10k. IMO, expecting a green month for markets in October before election,” he explained.
This macro close may be contributing to today’s strength.
If Bitcoin can break above the lower-$11,000 region, significantly further upside may be imminent in the near-term.