Bitcoin Must Consolidate Above This Key Level, Or Risk Plunging to $11,900
- It has been a wild past few days for Bitcoin and the aggregated cryptocurrency market
- Bitcoin has been able to post consistent gains throughout as of late, with buyers and sellers largely reaching an impasse following its slight rejection at $13,200
- This has created a slight consolidation phase around $13,000 that it has been caught within throughout the past two days
- If this phase persists in the near-term, BTC must continue holding above $12,800
- One analyst noted that a break below this level could open the gates for a move down to lows of $11,900
For this to come to fruition, bulls must continue defending against a break below ,800.
This move’s intensity has sparked a sense of euphoria and hope amongst traders and investors, with may expecting further upside in the days and weeks ahead.
Until it can break above this region, there’s a possibility that a retrace could be imminent in the near-term.
Image Courtesy of Crypto Michael. Source: BTCUSD on TradingView.
One analyst noted that a break below this level could open the gates for BTC to see a sharp decline down towards ,900.
At the time of writing, Bitcoin is trading flat at its current price of ,985. This is around the price at which it has been trading for the past couple of days.
On a short-term scale, Bitcoin’s momentum is faltering slightly due to some heavy selling pressure within the lower-,000 region.
Analyst: Here’s the Crucial Defense BTC Needs to Defend
Featured image from Unsplash.
Charts from TradingView.
He contends that a defense of this level could lead BTC towards ,500, whereas a rejection could cause it to drop towards ,900.
Each selloff has been aggressively absorbed by bulls, which is a positive sign.
“Bitcoin: As long as ,750-12,800 holds, I think ,500 is next. But if it doesn’t hold as a pivot, I assume the price drops further down toward ,200 and potentially ,900.”
While sharing his thoughts on Bitcoin’s present technical outlook, a popular crypto-focused analyst and trader at the Amsterdam Stock Exchange noted that ,800 is the key support level to watch in the near-term.
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