Following a massively volatile past few days for Bitcoin and the aggregated crypto markets, BTC has now been able to slow down and find some stability around $10,700 and is forming $10,500 as a level of support.
Analysts have long noted that the mid-$11,000 level would be an important region of resistance for Bitcoin to break above, as a decisive move above this region could lead the crypto to skyrocket back towards its previously established all-time-highs.
Bitcoin Stabilizes in Upper-$10,000 Region as Bullish Momentum Slows
At the time of writing, Bitcoin is trading down marginally at its of $10,720 and is down slightly from its 24-hour highs of just below $11,000.
Importantly, BTC’s recent price action appears to have elucidated the cryptocurrency’s current levels of support and resistance, as it faced relatively strong resistance around $11,200, before reeling lower and finding support around $10,500.
It is highly likely that these aforementioned levels of support and resistance will persist for the immediate future, and traders will be closely watching to see how BTC reacts to these levels.
The Cryptomist, a popular cryptocurrency analyst on Twitter, spoke about these levels in a recent tweet, noting that the crypto is currently in the process of forming a possible bull flag.
“$BTC: Potential flag formed here. I expect this to break within 12 hours as we already are within apex. Slight bullish div also present. Break upwards would test 11k region once more which also is weekly resistance,” she noted.
Potential flag formed here
I expect this to break within 12 hours as we already are within apex
Slight bullish div also presentBreak upwards would test 11k region once more which also is weekly resistance
— The Cryptomist (@Thecryptomist)
Analyst: BTC Likely to Continue Climbing; May Target $11,500 Next
Assuming that Bitcoin does extend its upwards momentum and continues climbing higher in the near future and is able to break past resistance that exists in the lower-$11,000 region, it is likely that it will then target roughly $11,500.
Josh Rager, another popular crypto analyst on Twitter, spoke about this possibility in a recent tweet, saying that he believes the crypto’s current chart points to an extension of its upwards momentum.
“$BTC – 4 hr chart: Currently consolidating in a formation that should likely lead to continuation up. Classical charting doesn’t always work on the BTC chart & most patterns are market made to throw people off. But I think BTC moves up to challenge the weekly resistance $11,469,” Rager explained in a recent tweet.
//twitter.com/josh_rager/status/92145923?s=21
As the weekend wraps up and Bitcoin continues to react to its newfound position within the upper-$10,000 region, analysts will likely soon garner greater insight into which direction BTC is heading next.
Featured image from Shutterstock.
