Bitcoin and the entire cryptocurrency market witnessed an intense upswing overnight, with BTC and Ethereum outshining altcoins for the first time in many weeks
This sharp upwards movement came about suddenly, and for a brief moment allowed Bitcoin to shatter the resistance it previously faced at $10,000
The selling pressure above this level was heavy, however, and caused the cryptocurrency’s price to decline after it hit highs of $10,200
Despite the rejection here, analysts are noting that its technical outlook remains strong
Some are even noting that a move up towards $11,500 is in the cards
Bitcoin incurred a massive influx of buying pressure that allowed it to surge from daily lows of $9,600 to highs of $10,200.
At this point, it was met with significant selling pressure that slowed its ascent and caused it to decline back into the upper-$9,000 region.
Despite its inability to gain a strong footing within the five-figure price region, its technical outlook remains incredibly bright.
Analysts are now noting that $11,500 is a high time frame target – assuming that bulls can hold the crypto above a crucial support level before its weekly candle close later today.
Bitcoin Rallies Past $10,000 Before Facing Firm Rejection
Overnight, Bitcoin’s tempered momentum seen throughout the past couple of days reached a boiling point, with its price exploding up towards $10,200 before facing a massive influx of selling pressure.
From this point, the crypto declined to lows of $9,800, but it has been climbing higher ever since.
At the time of writing, Bitcoin is trading up over 2% at its current price of $9,950. Bulls are currently attempting to shatter the heavy resistance that sits at $10,000.
One popular cryptocurrency analyst explained that a weekly candle close above $9,760 would provide BTC’s technical outlook with a serious boost.
“BTC: Weekly close above $9,760 is what we’re looking for today. Ideally, a weekly close above $10,185 would give another high-high on the weekly trend,” he explained.
Image Courtesy of Josh Rager. Chart via TradingView.
Here’s How High BTC Could Rally If It Posts a Bullish Weekly Close
Assuming that buyers can end the week on a high note and support Bitcoin above $9,760 for the next several hours, it could soon aim for $11,500.
One analyst spoke about this target in a recent tweet, explaining that a strong breakout above its $10,100 resistance should be enough to spark a movement to this level.
“BTC: Cautiously bullish. Blue box should be a buy if a retrace was to occur… A strong breakout leads to 11.5K as first major resistance.”
Image Courtesy of Chase_NL. Chart via TradingView.
The coming few hours should provide significant insights into where Bitcoin will trend during the week ahead.
Featured image from Shutterstock.
Charts via TradingView. origin »
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Bitcoin price settled above the $100,500 resistance zone. BTC is consolidating gains and might aim for a fresh increase above the $105,000 zone. Bitcoin started a downside correction from the $106,800 zone.
Bitcoin price started a short-term downside correction from the $106,250 zone. BTC is consolidating above $100,000 and might aim for a fresh increase. Bitcoin started a downside correction from the $106,250 zone.
Bitcoin price is gaining pace above the $100,000 zone. BTC is rising and might accelerate higher if it clears the $102,000 zone. Bitcoin started a decent increase above the $100,000 zone. The price is trading above $100,500 and the 100 hourly Simple moving average.
Bitcoin price is consolidating losses below the $95,500 zone. BTC is showing bearish signs and might struggle to recover above the $95,800 level. Bitcoin started a recovery wave from the $91,150 zone.