Here’s How High Bitcoin Could Run Before Fixing Immense Selling Pressure
Image Courtesy of Cold Blooded Shiller. Chart via TradingView.
In the time since, its price action has been overwhelmingly positive. That being said, analysts are noting that the benchmark cryptocurrency’s ongoing upswing may be running out of juice.
While speaking about the cryptocurrency’s near-term outlook, one analyst stated that he’s expecting it to see increased weakness in the near-term if it is able to break above $11,000.
The intense selling pressure the cryptocurrency confronted throughout the last couple of weeks was not enough to violate the service at $9,900 that bulls ardently defended.
He’s specifically pointing towards two amounts — $11,100 and $11,200 — as areas with massive selling pressure that may hamper Bitcoin’s growth.
The following reaction has bolstered this theory, showing that buyers still have a critical edge over vendors — at least for the time being.
Featured image from Unsplash.
Bitcoin is currently rallying up towards the $11,000 area while the rest of the market sees some mixed price action.
1 dealer is looking towards the purchase price area between $11,100 and $11,200, explaining that a rejection at one of these levels is likely.
Whether it can start navigating back up towards its yearly highs of $12,400 now depends almost entirely on whether BTC can break above the lower-$11,000 area.
Analyst: Expect BTC to See Weakness if It Breaks into $11,000 Region
At the time of writing, Bitcoin is trading up just under 2% at its current price of $10,900. This marks a notable upswing from its recent lows of 10,200 that were set just two weeks ago.
Today’s strength has come about following a multi-week period of range-bound trading between $9,900 and $10,300.
Bitcoin’s ardent response to the attempts from bears to force it under $10,000 seems to be a sign of underlying strength.
Charts and pricing data from TradingView.
There is a strong likelihood that Bitcoin will test these amounts at some stage in the coming few hours. Its response to them ought to elucidate the current strength of its buyers.