Bitcoin is About to Reach a Pivotal Point as Buyers Defend Key Level

Bitcoin is About to Reach a Pivotal Point as Buyers Defend Key Level
фото показано с : bitcoinist.com

2020-9-12 21:00

It has been a choppy day of trading for Bitcoin and the aggregated crypto market This primarily stems from BTC’s inability to maintain the upwards momentum that was driving it higher yesterday Although losing its momentum is a bear-favoring sign, it is important to note that not too much has changed for BTC from a technical perspective One analyst is noting that the benchmark cryptocurrency is now reaching a pivotal level that will shape its mid-term trend A reaction to this level will likely take place in the coming few days, making this weekend’s trading session vital for BTC’s near-term outlook

Bitcoin saw some slight momentum yesterday that led it up to highs of $10,500 before its buying pressure faltered, and its price began drifting lower.

This led the cryptocurrency to see an influx of selling pressure that struck a blow to its technical structure, but it is important to note that it has not invalidated its short-term strength.

Analysts are still noting that the crypto is positioned to see a breakout rally. Still, it is imperative that it defends one key support level and shatters a descending trendline that it is fast approaching.

A failure to do so would be grim and open the gates for BTC to see significantly further downside.

Bitcoin Shows Signs of Weakness Following $10,500 Rejection 

At the time of writing, Bitcoin is trading down just under 1% at its current price of $10,290. This is around the price at which it has been trading throughout the morning hours.

Yesterday, bulls stepped up and propelled the benchmark digital asset to highs of $10,500 before it lost its momentum and witnessed its price plunge down towards $10,200.

This decline was somewhat intense and suggested that bulls don’t have enough strength to catalyze a sustainable move higher.

The $10,200 region has been strong support throughout this turbulence.

Analyst: BTC Fast Approaching Apex of Key Formation

While looking towards Bitcoin’s technical outlook, one analyst explained that the cryptocurrency is rapidly approaching the apex of a technical formation that has been established throughout the past few weeks.

As seen in the below chart, it is being guided lower by a descending trendline, and rapidly approaching the apex of where this trendline meets its $10,000 support.

“Same old support, same old resistance – apex getting closer. Big move coming soon,” the analyst explained.

Image Courtesy of Teddy. Chart via TradingView.

For Bitcoin to see further momentum in the near-term, bulls must continue defending the cryptocurrency’s key support at $10,000 in the days and weeks ahead.

Featured image from Unsplash. Charts from TradingView.

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btc bitcoin level momentum pivotal note yesterday

Источник: bitcoinist.com

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